US-based solar energy and home security provider Vivint has secured around $200m in tax-equity funding to boost the number of solar installations in the country.
The funding will be employed in the development of residential power systems, the company said.
According to the company, the funding secured will enable the company to aim at its existing home-automation clients of around 775,000, along with new clients.
Commenting on the transaction, Vivint Solar chief operations officer Brendon Merkley was quoted by the Clean Energy Authority as saying that the new funding bolsters the company’s ability in the solar power industry.
Earlier in 2012, Blackstone Group, a private-equity firm, has acquired Vivint.
Vivint designs, installs and maintains solar systems across the nation. The company offers home automation, energy management, home security, and solar energy solutions.