Vivint Solar Q1 MWs installed up 23%Christian Fernsby ▼ | May 8, 2020
Vivint Solar announced financial results for the first quarter ended March 31, 2020.
Vivint Solar Installations were 8,238
Topics: Vivint Solar
MWs installed of approximately 56 MWs for the quarter, up 23% over the year ago period. Total cumulative MWs installed were approximately 1,350 MWs. Installations were 8,238 for the quarter. Cumulative installations were 196,529. Estimated Gross Retained Value increased by approximately $88 million during the quarter to approximately $2.4 billion. Estimated Gross Retained Value per Watt at quarter end was $1.97.
Cost per Watt was $3.80, an increase from $3.54 in the fourth quarter of 2019 and an increase from $3.46 in the first quarter of 2019.
Margin created was $60 million, a 31% increase from the first quarter of 2019. Unlevered NPV per Watt was $1.06.
As of March 31, 2020, Vivint Solar had $45 million in undrawn capacity in the warehouse facility, $35 million in undrawn capacity in the 2019 forward flow loan facility, $66 million in undrawn capacity in the asset financing facility, and approximately 43 MWs of undeployed tax equity financing capacity. Subsequent to quarter end, Vivint Solar expanded an existing tax equity partnership providing an anticipated additional 28MWs of tax equity financing capacity. ■