Slide 1: Announcement of Definitive Agreement to Acquire Vivint Solar
Announcement of Definitive Agreement to Acquire Vivint Solar July 6, 2020 Exhibit 99.2
Slide 2: Safe Harbor & Forward Looking Statements
Safe Harbor & Forward Looking Statements Forward-Looking Statements This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, statements based upon or relating to Sunrun Inc.’s, a Delaware corporat
Slide 3: Safe Harbor & Forward Looking Statements (continued)
Safe Harbor & Forward Looking Statements (continued) Any financial projections in this filing are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Sunrun’s and Vivint Solar’s control. While a
Slide 4: Call Participants
LYNN JURICH Sunrun’s CEO & Co-Founder Announcement of Definitive Agreement for Sunrun to Acquire Vivint Solar in an All-Stock Transaction EDWARD FENSTER Sunrun’s Executive Chairman & Co-Founder DAVID BYWATER Vivint Solar’s CEO CALL PARTICIPANTS TOM VONREICHBAUER Sunrun’s CFO
Slide 5: A transformational opportunity to generate consumer, shareholder, and societal value
This is a transformational opportunity to generate consumer, shareholder, and societal value as we bring clean, affordable energy to more homes.
Slide 6: Transaction Overview
Transaction Overview Strategic Rationale This is a transformational opportunity to generate consumer and shareholder value, realize cost synergies, and bring cleaner, affordable energy to more homes. The acquisition of Vivint Solar adds a complementary direct-to-home sales channel to Sunrun’s platfo
Slide 7: A Shared Mission to Create a Planet Run by the Sun
A Shared Mission to Create a Planet Run by the Sun Our Vision: Empower families to control their energy future. How We Do That: Provide superior products and services for homeowner’s energy needs and network them for a stronger and cleaner electricity system. ROOFTOP SOLAR POWER RECHARGEABLE SOLAR B
Slide 8: Our Customers and Our Investors
OUR CUSTOMERS Most energy consumers are currently beholden to a single power company that provides electricity to them based on household location. Sunrun will give home solar and battery consumers access to better, more affordable products - enabling greater energy choice. A lower cost structure fr
Slide 9: Two Leading Residential Solar, Battery and Energy Services Companies
Two Leading Residential Solar, Battery and Energy Services Companies 298,000 Customers 29% Customer Growth (CAGR 2016-2019) 2,085 MW Cumulative Solar Installations 413 MWs Solar Capacity Deployed in 2019 $1.7 billion Net Earning Assets + Net Cash $2.8 billion Market Capitalization $6.0 billion Enter
Slide 10: Combined, we can accelerate the transition to clean energy
Combined, we can accelerate the transition to clean energy Energy Information Agency website, last updated February 27, 2020. Based on Cumulative Customers disclosed by Sunrun and Cumulative Installations disclosed by Vivint Solar, in each company’s respective Investor Presentations, as of 1Q2020 Ba
Slide 11: Adding a Complementary Sales Channel to Platform
9 out of 10 people in the US favor expanding the use of solar power, yet only 3% of U.S. households have solar.1,2 Together we have a strong platform for customer education and conversation. Adding a Complementary Sales Channel to Platform Channel Partners Leverage tools and brand Strategic Partners
Slide 12: Annual Cost Synergies Estimated at $90 Million
Annual Cost Synergies Estimated at $90 Million Over 95% of Sunrun and Vivint Solar branches are in close proximity, with more than half located within 10 miles of each other, which provides rent and overhead saving opportunities from consolidation and right-sizing. Our joint sales efforts in each re
Slide 13: Increased value creation opportunities for our 20+ year customer relationships
Increased value creation opportunities for our 20+ year customer relationships BRIGHTBOX GRID SERVICES PRODUCT DEVELOPMENT CAPITAL MARKETS BRAND Opportunity to sell batteries to existing customers and to a larger base moving forward. Larger footprint of solar + storage assets increases the value we
Slide 14: Estimated Transaction Timing and Next Steps
Transaction expected to close during Q4 2020, subject to the required shareholder approvals, receipt of regulatory approvals, and other customary conditions Estimated Transaction Timing and Next Steps Support & Lock-up Agreements Support Agreements have been obtained from the largest stockholders of
Slide 15: Glossary of Terms
Glossary of Terms Glossary of Sunrun Terms Customers refers to all parties (i) who have executed Customer Agreements or cash sales agreements with us and (ii) for whom we have internal confirmation that the applicable solar energy system has reached notice to proceed or “NTP”, net of cancellations.
Slide 16: Sunrun Investor Relations
Sunrun Investor Relations investors.sunrun.com 415-373-5206 investors@sunrun.com