Vivint Solar, Inc. announced it has closed a fixed-rate, 18-year term debt facility with four institutional investors, totaling $203 million. The new debt facility is a fully amortizing loan that relies on the contractual cash flows from four existing investment funds that comprise approximately 214 megawatts (MWs) and 30,000 residential solar systems. Bank of America Merrill Lynch acted as sole syndication agent on the transaction and the loans earned an investment-grade BBB rating from Kroll. A portion of the proceeds will be used to repay outstanding borrowings under the company's existing non-recourse credit facility.