Blackstone Group LP (BX)-backed Vivint Solar, a provider of rooftop solar panels, would be raising $200 million by issuing an initial public offering (IPO) in the US. The underlying reason for issuing the IPO is to help the company raise production levels to cater to the growing demand and meet customer project orders. However, the company has not provided the valuation because it was too early to estimate the value. The ticker of the company would be VSLR.
The shares of Vivint Solar Holdings Inc commenced trading today on the New York Stock Exchange (NYSE) under the ticker “VSLR”. The company is the second largest residential solar installer in the US behind SolarCity Corp. (SCTY), which is backed by the charismatic CEO and founder of Tesla Inc. (TSLA) Elon Musk.
SolarCity Corp. board members approved a US$2.6 billion buyout from Elon Musk’s Tesla Motors Inc. in the solar industry’s biggest deal to date.
Tesla agreed to pay US$25.37 a share in stock for the largest U.S. rooftop solar company, according to a statement Monday. Analysts have said the price is too low and investors have questioned the wisdom of Musk combining his electric-car maker with the clean-energy company. The agreement allows SolarCity to solicit competing takeover offers through Sept. 14, the companies said.
SolarCity Corp. (NASDAQ:SCTY) plans to terminate its operations in Nevada over the state’s Public Utilities Commission (PUC) ruling to increase connection charges for businesses and residential projects. The Commission also cut tax credits provided to solar energy customers.
The solar power industry has proposed an emergency plan to rescue renewables, which it says would add just £1 to consumer bills by 2019, on top of the £9 a year that clean technology subsidies cost bill payers, reports The Guardian.
Will rooftop solar panels cause the downfall of electric utilities?Some commentators have likened the disruptive potential of rooftop solar developer SolarCity Corp (NSDQ: SCTY) to Amazon.com (NSDQ: AMZN), arguing that a new era of distributed energy is on the verge of displacing power companies the way that Amazon.com has won market share from brick-and-mortar retailers.
NEW DELHI: Rooftop projects will help the Centre realise its ambitious target of adding 100 gigawatts (GW) of solar power by 2022 even as the green energy has its own challenges, say industry experts. Solar power producers are of the view that the concept of rooftop solar solutions for households is a step in the right direction but will yield results only in due course of time. "Rooftop solar makes sense on paper for many customers, yet it is still slow to take off.
Backed by the Blackstone Group L.P. (BX), Vivint Solar plans to issue 20.6 million shares priced from $16 to $18, valuing the company at nearly $1.9 billion at the top end of the price range. This will help the company raise a maximum of $370.8 million in its initial public offering (IPO). The company intends to trade its shares under the ticker VSLR on the New York Stock Exchange (NYSE).