Vivint Solar announced financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Operating Highlights
Key operating and development highlights include:
- MW Booked of approximately 52MWs for the quarter.
- MW Installed of approximately 40MWs for the quarter. Total cumulative MWs installed were approximately 905MWs.
- Installations were 5,813 for the quarter. Cumulative installations were 132,643.
- Estimated Retained Value increased by approximately $77 million during the quarter to approximately $1.7 billion. Estimated Retained Value per Watt at quarter end was $2.02.
- Cost per Watt was $3.15, an increase from $2.95 in the fourth quarter of 2017 and an increase from $2.98 in the first quarter of 2017.
As of March 31, 2018, the company had $200 million in undrawn capacity in the aggregation facility and approximately 29MWs of available installation capacity remaining in its tax equity funds. Subsequent to quarter end, the company closed a new tax equity partnership with a $101 million commitment that will fund the installation of approximately 64MWs with a new tax equity investor.
Summary First Quarter 2018 Financial Results
Guidance for the Second 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 projected 2018 financial results.
For the second quarter of 2018, Vivint Solar expects:
- MW Installed: 45 to 48MWs
- Cost per Watt: $3.05 - $3.13