The U.S. residential solar industry did indeed have a strong first quarter this year, reports Mosaic. The residential solar financing company announced another milestone this week, surpassing $7 billion in loans funded through the company’s platform, hitting its highest monthly loan volume to date in March.
“There’s a growing importance of clean renewable energy as an economic engine, a climate imperative, and a matter of national security,” said Billy Parish, founder and CEO of Mosaic. “The urgency to deliver affordable financing options for our partners and homeowners is growing, and Mosaic is uniquely positioned to help lead this charge.”
Mosaic also recently completed a $382.7 million securitization. This was Mosaic’s largest securitization to date and included the addition of Fitch Ratings, rating the senior (AA-) tranche of the transaction.
Mosaic has now completed 12 securitizations over the course of six years, which is more than any other solar loan issuer in the space. Additionally, Mosaic continues to build new forward flow and direct origination partnerships with banks, credit unions, insurance companies and asset managers to further strengthen its diversified funding model.
The company added two new leaders to its team as well. Kim McNealy joined as general manager of home improvement and reports to Patrick Moore, president and chief operating officer. And Noura Panaritis has joined as senior vice president of enterprise applications and reports to Nagaraju Bandaru, chief technology officer.
McNealy oversees the home improvement business operations at Mosaic, developing, deploying and maintaining highly competitive products and services throughout the home improvement ecosystem, from OEMs, distributors and SaaS platforms, to installers and sales organizations. He has more than two decades of experience in business development and customer experience strategy focused on high-growth, technology-based companies.
As the SVP of enterprise applications for Mosaic, Panaritis serves as the technology business partner for the sales, marketing, finance, operations and people operations departments. She brings a proven track record in go-to-market, finance and operations technology solutions to Mosaic and most recently worked at LightSpeed Commerce and J.D. Power.
“We are honored to have Kim McNealy and Noura Panaritis join our team,” said Moore. “Their unique and compelling experience, coupled with their enthusiasm for growth, make us very excited for the impact they will have on advancing our mission.”