LEHI, Utah — Vivint Solar commenced an action in the Court of Chancery of the State of Delaware suing SunEdison, Inc. over its willful breach of the merger agreement between Vivint Solar and SunEdison.
Among other things, Vivint Solar is seeking damages for the benefits its stockholders expected in connection with the transaction.
Gregory Butterfield, President and CEO of Vivint Solar stated “SunEdison has willfully breached its obligations under the merger agreement and we intend to pursue Vivint Solar’s remedies vigorously.”
About Vivint Solar
Vivint Solar is a leading provider of distributed solar energy systems – electricity generated by a solar energy system installed at a customer’s location – to residential customers in the United States. Vivint Solar’s customers pay little to no money upfront, receive significant savings relative to utility generated electricity rates and continue to benefit from guaranteed energy prices over the 20-year term of their contracts. Vivint Solar finances, designs, installs, monitors and services the solar energy systems to make things easy for its customers.