Solar Mosaic Inc. has raised $220 million in new funding aimed at expanding its rooftop solar loan business, Reuters reports.
The Oakland-based company's latest round of financing far eclipses the total equity it had previous raised — around $12 million, according to the company.
Mosaic offers loans of 30,000 on average with fixed interest rates to homeowners to purchase rooftop solar systems and connects them with PV installers. The financing ranges from 10 to 25 years, with interest rates of between 2.49% and 8.48%.
Private equity firm Warburg Pincus led the $220 million Series C financing, with Core Innovation Capital and Obvious Ventures also participating in the round, according to Reuters.
Mosaic secured $200 million in debt in April to finance loans for some 5,000 rooftop installations. More than 250 solar companies offer Mosaic's financing products.
The company plans to have approximately $1 billion available to homeowners for solar loans by next summer.
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