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SolarCity Competitor Vivint Solar Sets IPO Terms

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Brian Deagon –

Vivint Solar, a competitor to Elon Musk-backed SolarCity (NASDAQ:SCTY), announced terms Thursday for an IPO that seeks to raise $350 million.

The Provo, Utah-based company plans to offer 20.6 million shares at a price range of 16-18. At the midpoint, Vivint Solar would have a market value of $2 billion. SolarCity, which made its initial public offering on Dec. 12, 2012, has a market cap above $6 billion.

SolarCity’s IPO priced at 8 and raised $92 million. SolarCity stock has soared more than 700% since then but was down 2%, near 65.50, in late-afternoon trading on the stock market today.

Like SolarCity, Vivint assumes most of the cost of installing solar energy systems at residences. It generates revenue through 20-year electricity contracts with homeowners.

Vivint is the second-largest installer of residential solar energy systems in the U.S. and says that it has an 8% market share. Various reports say that industry leader SolarCity has a nearly 30% share. (…)

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