Tag Archives: 1 GW

Vivint Solar Crosses 1 GW Threshold in Residential Installations

By Frank Andorka, Senior Correspondent

In the hoopla surrounding Tesla Home Energy and Sunrun as they battle it out for the top spot in the residential solar installation business, it’s easy to forget about who is in second place – and who is installing solar at an ever-increasing pace as its steady growth continues to show.

Vivint Solar announced it has installed 1 gigawatt (GW) of solar energy systems since its launch. The company installed 1 GW in just seven years, making it one of the fastest residential solar providers to reach this significant milestone. Vivint Solar first announced the achievement yesterday when it reported third quarter 2018 financial results.

Founded in 2011, Vivint Solar has become a national leader in residential solar, helping more than 146,000 customers in 22 states enjoy the benefits of affordable, renewable energy.

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“We’re extremely proud of the entire Vivint Solar team for their contributions to this remarkable achievement,” said Vivint Solar CEO David Bywater. “The impact we have made on the environment and in the lives of hundreds of thousands of Americans by enabling them to power their homes with clean energy is immensely rewarding. We are confident that the quality of our installations and incredible customer experience will continue to differentiate us in the residential solar market.”

Deploying 1 GW of solar power underscores Vivint Solar’s success in evolving from offering a single product in a single sales channel to a flexible, customizable home renewable energy platform available to consumers across multiple channels. Under Bywater’s leadership, the company has pursued a sustainable growth strategy and focused on more profitable markets, solidified its capital position and diversified its solar plans to include loans and enhanced lease options, which have become rapidly adopted by customers. Vivint Solar has also strived to lead the industry in workmanship and quality control standards for installations.

“There has never been a more exciting time to be at Vivint Solar. Achieving 1 gigawatt of solar installations further validates our roadmap as we work to innovate and become the most trusted, best-run residential solar company in the world,” said Bywater. “Above all, I am proud to lead a company of over 3,500 outstanding employees who are committed to delivering a best-in-class customer experience and passionate about providing choice and control in energy generation and consumption.”

Just in 2018, Vivint Solar’s financial and strategic achievements include a solar-plus-storage solution with LG Chem batteries, the largest residential solar asset-backed securitization to date and an innovative multi-party forward flow funding arrangement, and three new tax equity funds to expand the runway for future transactions. In addition, the company announced a collaboration for new home construction in California with one of the nation’s largest homebuilders.

NV Energy Unveils Massive Solar, Storage Plans

NV Energy

By Frank Andorka, Senior Correspondent

NV Energy, Nevada’s largest utility, unveiled plans to add more than 1 GW of solar power and at least 100 MW of battery storage in its latest Integrated Resources Plan (IRP), filed today with the Public Utilities Commission of Nevada (PUCN).

The new projects will be evenly distributed throughout the state, with three new plants located in the north and three located in the south, pending the plan’s approval by the PUCN.

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“The six new projects position NV Energy to keep its commitment to double renewable energy by 2023 and, importantly, by diversifying our state’s electricity generation portfolio, will reduce the costs to serve customers,” said Paul Caudill, NV Energy’s CEO. “These projects also represent a step forward in the company’s long-term goal of serving Nevada customers with 100 percent renewable energy.”

NV Energy’s filing with the PUCN represents the first time the utility has included energy storage in a filing, representing a significant shift in thinking for NV Energy and is reflective of a tectonic shift going on throughout the industry. More public utility regulators, in California and New Mexico, for example, are requiring utilities to include energy storage in the IRPs.

100 MW/400 MWh of storage, given the enormous amount of solar that is being added, seems like a modest goal, and it’s logical to assume that number will increase as installations proceed. The plan as outlined in the company’s release appears to be a classic “underpromise/overdeliver” scenario.

All the projects are expected to be completed and operational by 2021. NV Energy plans to employ more than 1,700 construction workers, including union craftsman per a stipulation in the IRP. Approximately 80 new long-term, permanent jobs will be created.

A 300 MW project on tribal land is largest single project in the new portfolio. The partnership between 8minutenergy Renewables, NV Energy and Moapa Band of Paiutes will be built on the Moapa River Indian Reservation about 30 miles north of Las Vegas.