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 acquisition price

$4.5B

Acquired by Sunrun · Jul 2020

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

Vivint Solar Overview

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

United StatesSalt Lake City, UT

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.

Vivint Solar acquisition details
AcquirerDateTypePriceEV/Revenue
6 Jul 2020Strategic M&A$4.5B12.5x

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

Vivint Solar funding rounds
DateStageRaisedDeal Summary
Oct 2013Undisclosed stage$540MVivint 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 2013Undisclosed stage$200MVivint 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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Acquisitions 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

Solmetric
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 CountryUnited States
HQ City
Sebastopol, CA
Deal Date23 Jan 2014
Valuation$12M
EV/Revenue
EV/EBITDA

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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.

Public and private companies comparable to Vivint Solar
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Northland PowerCanadaCanadaPublicly listed$1.7B$589M$4.1B4.8x
SOLV EnergyUnited StatesUnited StatesPublicly listed$2.5B$284M$5.2B1.5x
Contact EnergyNew ZealandNew ZealandPublicly listed$1.8B$495M$5.4B3.6x
OrmatUnited StatesUnited StatesPublicly listed$990M$534M$6B8.0x
Round-the-ClockUAEUAEPrivate--$6.1B-
EnpalGermanyBerlinPrivate$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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Solaris Energy$622M$178M10.5x7.8x36.5x17.4x
Oceaneering$2.8B$411M1.7x1.6x11.7x11.5x
CSI Solar$6B$801M0.9x1.0x6.9x7.1x
Scorpio Tankers$938M$570M3.5x3.0x5.8x4.7x
Hubei Energy$2.6B$1.2B4.3x4.1x9.2x10.7x
China Resources Gas$12B$1.5B0.8x0.8x6.8x7.2x
Tidewater$1.4B$541M3.3x3.1x8.1x7.5x
Tohoku Electric Power$15B$2.4B1.4x1.4x8.9x8.1x

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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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