...Mosaic raises $200 million to further grow residential solar business | Solar Builder
 

Mosaic raises $200 million to further grow residential solar business

Mosaic solar financingMosaic, a provider of affordable solar financing solutions for homeowners, closed a reported $200 million warehouse facility with Germany’s DZ BANK acting as administrative agent and lead lender. NY Green Bank is participating in the syndicate to further expand residential solar opportunities within New York State. Guggenheim Securities, LLC acted as sole arranger of the facility. This agreement represents an evolution of Mosaic’s business model to align with the industry’s shift toward broad access to institutional capital providers.

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“Both DZ BANK and NY Green Bank have extensive experience as leading renewable energy financiers,” said Billy Parish, founder and chief executive officer at Mosaic. “DZ BANK and NY Green Bank’s committed, relationship-driven approach was a natural fit for Mosaic as we looked to build our largest warehouse credit facility to date. With 40 percent consecutive monthly growth for over a year, we needed partners who could take us to the next level and help us grow as we continue to see the inevitable and rapid transition from fossil-fuel based electricity to rooftop generation of solar energy.”

Mosaic’s mission is to empower homeowners by providing the financial support needed to be able to fully benefit from owning their own solar system, saving tens of thousands of dollars over the life of the system. For solar installers, the Mosaic platform delivers a simple and easy financing experience. A fully integrated portal makes it possible for homeowners to get instantly prequalified, and seamlessly manage workflow from the initial meeting to installation day. More than 16,000 people have transacted with Mosaic to date.

“DZ BANK has been thoroughly impressed with Mosaic’s operations, loan product and traction in the marketplace as they have gone from startup to leader in the market,” said Frank Schehl, Managing Director and Head of Asset Securitization at DZ BANK. “We identified this unique opportunity to leverage our experience in financing renewable energy solutions in the US. We are confident that between Mosaic’s history of industry leadership and future aspirations, our partnership will continue to grow.”

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