Vivint Inc., the home security and solar-energy provider acquired last year by Blackstone Group LP (BX:US), raised $540 million from two unidentified financial institutions to build home power systems.
The funding is in addition to $200 million in tax-equity financing announced in August, the Provo, Utah-based company said in a statement today.
The funding includes $40 million in tax-equity financing and the rest is “non-specific residential solar financing,” Kady Cooper, a Vivint spokeswoman, said today by e-mail.
Some developers don’t have enough taxable income to use all the tax credits related to renewable-energy projects, and sell equity stakes to large backers that apply a portion of the credit to their own tax bills, an arrangement called tax-equity financing.
Blackstone bought Vivint in December for $2 billion. The company designs, installs and maintains solar systems in California, Hawaii, Maryland, Massachusetts, New Jersey, New York and Washington, D.C.
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