Vivint Solar, Inc. today announced financial results for the first quarter ended March 31, 2019.
First Quarter 2019 Operating Highlights
Key operating and development highlights include:
- MW Installed of approximately 46MWs for the quarter. Total cumulative MWs installed were approximately 1,107MWs.
- Installations were 6,514 for the quarter. Cumulative installations were 161,112.
- Estimated Gross Retained Value increased by approximately $54 million during the quarter and is approximately $2.1 billion. Estimated Gross Retained Value per Watt at quarter end was $2.04.
- Cost per Watt was $3.46, an increase from $3.18 in the fourth quarter of 2018 and an increase from $3.22 in the first quarter of 2018.
- Margin created was $45 million, a 29% increase from the first quarter of 2018. Unlevered NPV per Watt was $0.99.
As of March 31, 2019, the company had $305 million in undrawn capacity in the aggregation facility, $30 million in undrawn capacity in the forward flow loan facility, and approximately 59MWs of undeployed tax equity financing capacity.
Summary First Quarter 2019 Financial Results
$ amounts in millions, except per share data
Guidance for the Second Quarter 2019
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 2019 financial results.
For the second quarter of 2019, Vivint Solar expects:
- MW Installed: 52 - 55MWs
- Cost per Watt: $3.32 - $3.40