Thursday 21 January 2021

Sunrun to buy rival Vivint for $1.5bn

, July 12, 2020

US residential solar installer Sunrun is to buy competitor Vivint Solar for around $1.5 billion, the companies announced July 6. The new company will have a combined enterprise value of $9.2 billion.
"This transaction will increase our scale and grow our energy services network," Lynn Jurich, CEO of Sunrun said.
"Joining forces with Sunrun will allow us to reach a broader set of customers and accelerate the pace of clean energy adoption and grid modernization," David Bywater, Vivint CEO, said.
Sunrun shareholders will hold around 64 per cent of the combined company, with the remainder held by Vivint stockholders. Together, the companies have around 500,000 customers, representing 3 GW of capacity.
The acquisition will create around $90 million of annual savings, the companies said.
"We see opportunities across the entire cost base, including consolidating and optimizing our branch footprint, reducing redundant spending on technology systems, scaling our proprietary racking technology, as well as improving sourcing capabilities within our supply chains," they said.
Battery products will expand revenue opportunities.
"A larger footprint of solar and battery assets...increases the value of what we bring to our grid services partnerships and strengthens our ability to deliver considerable value in that business," the groups said. --Tradearabia News Service


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