SolarCity CEO 'happy' about Vivint, SunEdison deal
SolarCity Corp. Chief Executive Lyndon Rive said he was "happy" about the merger between Vivint Solar Inc. and SunEdison Inc. as he expects a Vivint under SunEdison will step up its solar advocacy efforts. "Vivint hasn't invested at all in policy ... it was disappointing" since the company is the No. 2 provider of residential solar panels, Rive said. "Solar is a disruptive technology, we are fighting the monopolies all the time and we need the entire industry to support" education of markets, power commissions, and governments, he said. SolarCity is the top U.S. residential solar-power provider. Shares of SolarCity rose 8.4% Monday, and shares of Vivint skyrocketed 45% on news of the merger. SunEdison and its spinoff TerraForm Power are buying Vivint for $2.2 billion in cash, stock, and debt. A TerraForm subsidiary will buy Vivint residential solar portfolio from SunEdison for $922 million. The deal is expected to close by the end of the year.
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