Utah-Based Vivint Solar, Inc. Plans Major Expansion
Vivint Solar, Inc., a solar energy company with a main office in Lehi, will continue to expand its operations in Utah
Recently, Vivint Solar announced that it has signed a definitive agreement to be acquired by SunEdison for $2.2 billion. According to the Utah Governor’s Office of Economic Development, the company anticipates that over the next 10 years it will generate more than 3,000 jobs in conjunction with an estimated $91 million in additional capital investment.
Launched in 2011, Vivint Solar designs, installs, leases and provides monitoring services for its residential rooftop solar energy system customers. “Vivint Solar is proud to be headquartered in Utah,” said Greg Butterfield, CEO of Vivint Solar. “Utah has cultivated a hardworking, innovative workforce and we are excited to continue to expand our operations in the Beehive State.”
As an incentive, Vivint Solar may earn up to 25 percent of the new state taxes they will pay over the 10-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance tax credit rebate. As part of the contract with Vivint Solar, the GOED Board of Directors has approved a post-performance tax credit rebate of $12,347,369.
In addition to the 10 year incentive, if the company generates a minimum of 3,143 jobs and grows to 4,342, meeting 100 percent of projected hiring in years 11 through 15, Vivint Solar may earn an extension to the agreement for another five years. This could earn the company an incremental incentive increase of $13,816,537. Each year as Vivint Solar meets the criteria, it will earn a portion of the total tax credit rebate. Vivint Solar may also earn a post-performance Industrial Assistance Fund relocation and training grant of up to $200,000 as it relocates management and trains its expanding personnel.
“It’s always exciting to see a homegrown company become so successful,” said Val Hale, Executive Director of GOED. “GOED’s mission is not only to recruit new businesses to the state but to also promote the expansion of Utah businesses. We are pleased with Vivint Solar’s contributions to the state’s energy industry.”
“Vivint Solar was started right here in Utah and is an important contributor to our vibrant alternative energy industry,” said Jeff Edwards, President/CEO of the Economic Development Corporation of Utah. “We are excited to see them continue to grow in the state.”