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- Vivint Solar
Vivint Solar Acquisition, Valuation, Funding & Investors
Vivint Solar was acquired by Sunrun for $4.5B in July 2020, a 12.5x multiple on $363M of revenue.
Vivint Solar revenue at acquisition
$363M
Last twelve months · Jul 2020
Vivint Solar revenue multiple at acquisition
12.5x
EV/Revenue · Jul 2020
Cumulative funding Vivint Solar raised
$740M
across 2 funding rounds
About Vivint Solar
Vivint Solar is a residential solar installer offering panel systems, LG Chem battery storage, and ChargePoint EV chargers with financing via leases or power purchase agreements. Lehi, Utah-based until its 2020 merger with Sunrun, the company designs rooftop arrays for 10,000-plus homes annually in states like California, Arizona, and Florida. Vivint Solar provides 25-year warranties and remote monitoring through its app, reducing homeowner energy bills by 20-30% on average.
Founded
2011
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Subscription
Revenue
$363M (Jul 2020)
Valuation
$4.5B (acquired Jul 2020)
Vivint Solar Acquisition
Vivint Solar was acquired by Sunrun for $4.5B on 6 July 2020.
The acquisition price implies a 12.5x revenue multiple on $363M of revenue.
Before the acquisition Vivint Solar had raised $740M across 2 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 6 Jul 2020 | Strategic M&A | $4.5B | 12.5x |
Vivint Solar Funding History
Vivint Solar has raised a total of $740M across 2 funding rounds.
Vivint Solar's first fundraising round was a $200M undisclosed-stage round in August 2013. The most recent completed round was a $540M undisclosed-stage round in October 2013.
Vivint Solar funding rounds
| Date | Stage | Raised | Deal Summary |
|---|---|---|---|
| Oct 2013 | Undisclosed stage | $540M | Vivint Solar, a residential solar leasing provider and unit of home security firm Vivint Inc., secured $540 million in project financing from two major unnamed financial institutions around October 17-18, 2013, to support solar installations via power-purchase agreements and leases. This followed a prior $200 million tax equity financing, enabling rapid expansion to become the second-largest U.S. residential solar installer by mid-2014, active in seven states with leadership in New York and Massachusetts. The company installed 129.7 MW across over 21,900 homes by mid-2014, with average systems of 5.9 kW, using modules from Trina Solar, Yingli Solar, and Canadian Solar, and Enphase inverters exclusively. By 2014, Vivint Solar had $443 million in committed bank funds supporting $1.1 billion in installations, plus $250 million in letters of intent for 111 additional MW, and access to a $70 million credit line from parent Vivint plus Blackstone ties. It grew installations to 15% of U.S. residential PV in Q2 2014 (up from 8% in Q1), outpacing SolarCity in growth rate and planning to double 2013 totals. Contracted cash flows reached $647 million by mid-2014 across 21,921 customers. Vivint Solar pursued a vertically integrated model like SolarCity, handling installation and financing without loans, via door-to-door sales. It went public in 2014 with an S-1 filing noting 81 MW tax equity commitments as of September 2014 and $25 million cash on hand. Competitors like SolarCity held larger market share (36% Q2 2014) and customer bases, but Vivint emphasized tax equity and bank financing for scaling. |
| Aug 2013 | Undisclosed stage | $200M | Vivint Solar, a residential solar provider and unit of home security firm Vivint, secured various debt financings around 2013-2014 to fund solar project installations through power purchase agreements and leases, rather than VC equity rounds with stated valuations. In July 2013, the company received a one-day subordinated loan of $40 million from parent Vivint to fund solar energy systems, as detailed in its later SEC filing. Subsequent financings included $540 million raised in 2013 for expansion plans and home solar leasing, $313 million in equity-like funding five months after a failed merger attempt, and additional commitments like $443 million from banks enabling $1.1 billion in installations, plus $200 million closed for U.S. residential projects. By mid-2014, Vivint Solar had installed 129.7 megawatts across over 21,900 homes with average 5.9 kW systems, capturing 15% of Q2 2014 U.S. residential PV market share primarily through door-to-door sales in seven states, positioning it as the second-largest installer growing faster than SolarCity. |
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Start Free TrialAcquisitions by Vivint Solar
Vivint Solar has acquired 1 company to date.
Last acquisition by Vivint Solar was on January 23rd 2014. Vivint Solar acquired Solmetric for $12M.
Latest Acquisitions by Vivint Solar
| Description | Solmetric is a developer of tools for solar photovoltaic installations including shade analysis devices and design software. Its SunEye device sets the standard for site assessments while PV Designer aids residential system planning. The Sebastopol, California-based firm also produces PV Analyzer for I-V curve tracing in commissioning and troubleshooting. |
| HQ Country | |
| HQ City | Sebastopol, CA |
| Deal Date | 23 Jan 2014 |
| Valuation | $12M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Vivint Solar acquisitions and their M&A valuation multiples. Start Free Trial | |
Vivint Solar Competitors
Vivint Solar competitors include listed companies like Northland Power, SOLV Energy, Contact Energy and Ormat, and private ones like Round-the-Clock and Enpal.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.7B | $589M | $4.1B | 4.8x | ||
| Publicly listed | $2.5B | $284M | $5.2B | 1.5x | ||
| Publicly listed | $1.8B | $495M | $5.4B | 3.6x | ||
| Publicly listed | $990M | $534M | $6B | 8.0x | ||
| Private | - | - | $6.1B | - | ||
| Private | $1B | $24M | $2.5B | - |
Vivint Solar Public Comps
Vivint Solar is no longer listed, but its public comps include Solaris Energy, Oceaneering, CSI Solar, Scorpio Tankers, Hubei Energy, China Resources Gas, Tidewater, Tohoku Electric Power, Enel Generacion Chile and Spire.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $622M | $178M | 10.5x | 7.8x | 36.5x | 17.4x | |||
| $2.8B | $411M | 1.7x | 1.6x | 11.7x | 11.5x | |||
| $6B | $801M | 0.9x | 1.0x | 6.9x | 7.1x | |||
| $938M | $570M | 3.5x | 3.0x | 5.8x | 4.7x | |||
| $2.6B | $1.2B | 4.3x | 4.1x | 9.2x | 10.7x | |||
| $12B | $1.5B | 0.8x | 0.8x | 6.8x | 7.2x | |||
| $1.4B | $541M | 3.3x | 3.1x | 8.1x | 7.5x | |||
| $15B | $2.4B | 1.4x | 1.4x | 8.9x | 8.1x | |||
This data is available for Pro users. Sign up to see all Vivint Solar competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Vivint Solar
| When was Vivint Solar founded? | Vivint Solar was founded in 2011. |
| Where is Vivint Solar headquartered? | Vivint Solar is headquartered in Salt Lake City, UT, United States. |
| Is Vivint Solar publicly listed? | No, Vivint Solar was acquired by Sunrun in July 2020. |
| Who acquired Vivint Solar? | Vivint Solar was acquired by Sunrun in July 2020. |
| How much was Vivint Solar acquired for? | Vivint Solar was acquired for $4.5B in July 2020, a 12.5x revenue multiple. |
| How much funding has Vivint Solar raised? | Vivint Solar has raised $740M across 2 funding rounds. |
| What was Vivint Solar's last funding round? | Vivint Solar's last funding round was a $540M undisclosed-stage round in October 2013. |
| Which companies are comparable to Vivint Solar? | Companies comparable to Vivint Solar include Northland Power, SOLV Energy, Contact Energy, Ormat, Round-the-Clock and Enpal. |
| How many companies has Vivint Solar acquired? | Vivint Solar has acquired 1 company, including Solmetric. |
| What was the largest acquisition by Vivint Solar? | The $12M acquisition of Solmetric in January 2014 is the largest acquisition Vivint Solar has made to date. |
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