By Eric Wesoff: Vivint Solar, owned by the Blackstone Group, set its IPO terms to offer 20.6 million shares at $16 per share. That would give the Provo, Utah-based installer and financier a market cap of more than $1.5 billion. Goldman Sachs, BofA Merrill Lynch and Credit Suisse are serving as lead underwriters. [. . .]
Nancy Pfund, managing partner at DBL Partners (an early investor in SolarCity), notes, “The stock market will welcome this IPO, as a growing number of people want to build solar portfolios, and to do that, they need more high-quality names. Solar is still only at 1 percent penetration. We need several strong companies to transform the energy market from one that is fossil-based to one that fits our planet’s need for a low-carbon future. Just as at the beginning of the 20th century, there emerged hundreds of oil companies that over the decades turned into the Exxons and Chevrons and BPs of the world, now we are just beginning to experience a clean energy version of this metamorphosis. There is ample room for companies like SolarCity, Vivint, and others to thrive as we pass the energy torch from the 20th to the 21st century.”
To read the full article, visit greentechsolar.