Acquisition of Vivint Solar completed by Sunrun, a leader in solar and energy services


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Comserve Inc.

Oct 12, 2020, 08:09 EST


Bronx, United States, Oct 12, 2020, 08:09 /Comserve / -- Sunrun recently announced the completion of its acquisition of Vivint Solar which was announced on July 6, 2020.

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SAN FRANCISCO, Oct. 09, 2020 - Sunrun recently announced the completion of its acquisition of Vivint Solar which was announced on July 6, 2020. Sunrun is a top solar brand that provides various services including residential solar, battery storage, and energy services. The acquisition was completed after approvals by the regulators and stockholders of both the companies. After the completion of the transaction, Sunrun marked its position as a leading brand in home solar and energy services across the United States. With more than 500,000 customers, the brand also is a top owner of solar assets globally with upwards of three gigawatts of solar energy.

According to the acquisition deal, Vivint Solar stockholders will get 0.55 shares of Sunrun common stock. This is for each share of Vivint Solar common stock that is owned by them just before the consummation of the acquisition. Trade by the combined company will continue on the Nasdaq Global Select Market and bear the ticker symbol RUN. Sunrun, after closing, achieved a market capitalization of around USD 17 billion which is based on the closing prices of the common stock on Sunrun on October 7, 2020. It also has recorded an enterprise value of around USD 22 billion on a fully-diluted basis Pro-forma. This is for the transaction of the most recently reported quarter.

Based on the financial results of the second quarter 2020, the Megawatts Deployed (MW) were recorded at 78 MW. This is in comparison to 103 MW in the second quarter 2019 marking a 24% year-over-year decline. The creation cost per watt was USD 3.72 in the second quarter of 2020, which is in comparison to USD 3.33 for the same in 2019, recording a 12% year-over-year increase. The NPV was USD 34 million while unlevered NPV was USD 0.51 per watt, both in the second quarter of 2020. This represented around USD 3,800 per leased customer.

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