Vivint Solar today announced financial results for the fourth quarter and full year ended December 31, 2017.
Fourth Quarter 2017 Operating Highlights
Key operating and development highlights include:
- MW Booked of approximately 55 MWs for the quarter.
- MW Installed of approximately 45 MWs for the quarter. Total cumulative MWs installed were approximately 865 MWs.
- Installations were 6,467 for the quarter. Cumulative installations were 126,830.
- Estimated Retained Value increased by approximately $80 million during the quarter to approximately $1.6 billion. Estimated Retained Value per Watt at quarter end was $2.00.
- Cost per Watt was $2.95, an increase from $2.94 in the third quarter of 2017 and down from $3.08 in the fourth quarter of 2016.
As of December 31, 2017, the company had $240 million in undrawn capacity in the aggregation facility and approximately 17 MWs of available installation capacity remaining in its tax equity funds. Subsequent to quarter end, the company closed a new tax equity partnership with a $75 million commitment that will fund the installation of approximately 52 MWs. In addition, the company received $401 million of non-binding tax equity term sheets for five tax equity partnerships. The company estimates that these tax equity partnerships will enable the company to install approximately 265 MWs of residential solar energy systems. These tax equity partnerships are subject to customary conditions and the execution of definitive documents.
Summary Fourth Quarter 2017 Financial Results
Summary Full Year 2017 Financial Results
Note: Totals may not sum due to rounding.
Guidance for the First Quarter 2018
The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially. These statements supersede all prior statements regarding 2018 financial results.
For the first quarter of 2018, Vivint Solar expects:
- MW Installed: 40 MWs
- Cost per Watt: $3.15 - $3.20