December 19 (Renewables Now) - Vivint Solar (NYSE:VSLR) has closed a USD-200-million (EUR 180m) revolving asset-based loan facility to help fund the company's continued growth in 2020 and beyond.
Affiliates of Bank of America Securities (NYSE:BAC) and Credit Suisse (NYSE:CS) are the lenders in this transaction.
The company said in a statement that this facility allows it to finance the purchase of safe-harbour equipment. It noted that components purchased in 2019 will enable solar arrays to qualify for a 30% federal investment tax credit (ITC).
A portion of the proceeds will also be used to refinance an existing working capital credit facility that is due in 2020.
"This transaction represents an evolution of how we finance our working capital needs and replaces our current working capital facility which matures next March," said Thomas Plagemann, Vivint Solar's chief commercial officer and head of capital markets.
(USD 1.0 = EUR 0.899)