Sunrun And Vivint Solar. The big news of the day, the week and the year is that Sunrun has agreed to acquire Vivint Solar. We’re going to talk a lot going forward about what this $3.2Billion transaction means for the industry. In the meantime, before I get the chance to listen to a call hosted by the companies in 90 minutes, we know that it is an all stock transaction where Vivint Solar shareholders get 0.55 shares of Sunrun. This means that Sunrun shareholders will control 64% of the combined company. All of this has been signed off by the board of directors and is expected to close late this year. Closing will require regulatory and shareholder approvals to get this done.
First Thoughts. This long rumored transaction brings together the two largest residential solar installers. In a year where COVID is hammering markets, residential solar is saying we’re growing, we’re profitable and we’re no longer waiting to get deals done. There are going to be questions by regulators, should the top 2 installers be allowed to merge? Vivint Solar shareholders are controlled by the Blackstone Group but Sunrun shareholders will have to understand the value of the acquisition. It is notable that they are acquiring the VSLR at only 10% premium to yesterday’s close and it’s an all-stock deal. The bet is that scale is a winning variable to the upcoming decade and that having 500,000 customers (many of whom don’t have storage yet) is a value that isn’t being monetized today. I hope all of the service and product suppliers to both companies have a fruitful day of meetings figuring out what this means to their business.
SCOTUS Pipelines. If the Atlantic Coast Pipeline wasn’t enough for oil and gas news, a judge stopped fast track progress for the Dakota Access pipeline and shortly thereafter the Supreme Court affirmed that decision in a roundabout way. Fast-tracking for projects can proceed except for the Keystone XL application requested by the Trump administration.
Stationary vs Mobile. The batteries are the ballgame in this decade. You can look at the key talking points in the Sunrun press release, listen to their messaging, or read the news from car companies. Whether the batteries are stationary or mobile, the only difference is who gets to sell them to homeowners. Keep your eye on the pilots for V2G, vehicle to grid, programs and how they interface with homes and codes.
Nonprofits Want Solar Too. My friends at CollectiveSun can help you sell more solar to nonprofits. By working with CollectiveSun your nonprofit prospects get easy $0 down financing and a 12% or more tax-like credit for their systems. Now, more than ever, solar can help nonprofits save on their critical operating expenses. If you are a solar installer or developer, this is a great solution for you to sell more solar and ignite more deals with nonprofits. Click here to learn more about working with CollectiveSun.
- Sunrun: Sunrun Announces Definitive Agreement to Acquire Vivint Solar for an Enterprise Value of $3.2 billion
- New York Times: The Next Energy Battle – Renewables vs. Natural Gas
- Axios: Supreme Court leaves in place order blocking Keystone Pipeline construction
- Reuters: Audi, EnBW to turn electric car batteries into grid support tools
- Utility Dive: Taking Charge – Wisconsin’s newest utility commissioner on the state’s ‘utility-scale changeover’
- PV-Magazine: While climate change divides Democrats and Republicans, renewable policy unites
- Grist: ‘Million-mile’ batteries are coming. Are they a revolution?
- EDF: Electrifying trucks and buses is an opportunity for lasting change, one we can’t afford to miss
Opinion
Best, Yann
The post This is your SolarWakeup for July 7th, 2020 appeared first on SolarWakeup.com.
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