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July 7, 2020updated 23 Nov 2021 6:04pm

US solar panel supplier Sunrun to acquire Vivint Solar for $3.2bn

Residential solar electricity provider Sunrun has signed a definitive agreement to acquire US-based Vivint Solar for an enterprise value of $3.2bn.

Residential solar electricity provider Sunrun has signed a definitive agreement to acquire US-based Vivint Solar for an enterprise value of $3.2bn.

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Under the deal, Sunrun will acquire full-service residential solar provider Vivint Solar in an all-stock transaction.

Each share of Vivint Solar common stock issued will be exchanged for 0.55 shares of Sunrun common stock. This represents a combined enterprise value of $9.2bn based on the closing price of Sunrun’s shares on 6 July.

If approved, the deal will create a company with about 500,000 customers.

Sunrun co-founder and CEO Lynn Jurich said: “Vivint Solar adds an important and high-quality sales channel that enables our combined company to reach more households and raise awareness about the benefits of home solar and batteries.

“This transaction will increase our scale and grow our energy services network to help replace centralized, polluting power plants and accelerate the transition to a 100% clean energy future. We admire Vivint Solar and its employees, and look forward to working together as we integrate the two companies.”

All the support agreements relating to the deal were obtained from both companies’ largest stockholders. These include Blackstone affiliate 313 Acquisition, and Tiger Global, which will use their votes in favour of the merger and the share issuance.

Completion of the deal is subject to approval by the companies’ stockholders, regulatory approvals and other customary closing conditions. The companies expect the deal to finalise in the  fourth quarter of this year.

Vivint Solar CEO David Bywater said: “Vivint Solar and Sunrun have long shared a common goal of bringing clean, affordable, resilient energy to homeowners.

“Joining forces with Sunrun will allow us to reach a broader set of customers and accelerate the pace of clean energy adoption and grid modernisation. We believe this transaction will create value for our customers, our shareholders, and our partners.”

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Free Report
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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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