Covington Advises Morgan Stanley on $2.2 Billion Solar Development Company Sale

NEW YORK, July 21, 2015 — Covington advised Morgan Stanley & Co. LLC as financial advisor to Vivint Solar, Inc. in connection with its acquisition by SunEdison, Inc.

The transaction consideration, valued at $2.2 billion, will be paid to Vivint stockholders in a combination of cash, SunEdision common stock and a convertible promissory note.

Vivint Solar sells, installs, finances, owns and maintains distributed generation solar systems and is the second largest vertically integrated residential and commercial solar energy systems installer in the United States. SunEdision manufactures solar technology and develops, finances, installs, owns and operates wind and solar power plants; it is one of the world’s largest renewable energy development companies.

The Covington team included partners Bill Collins and Jack Bodner and associate Allison Schiffman.