Mosaic is continuing to earn the trust of substantial financers for its business model, as it announces another huge financing facility that it will use to provide solar loans to homeowners across the U.S. It is the third such facility that the company has secured this year, after slightly smaller amounts made available from different financers in April and in August.
Deutsche Bank acted as the arranger and administer of the USD 250 million warehouse facility. When added to recent company upsizes, this facility will allow Mosaic a new loan funding capacity of USD 550 million, giving it an enviable position in the U.S. residential solar market.
“More and more homeowners are looking for an effective path to energy savings,” commented Mosaic founder and CEO Billy Parish. “The credit facility with Deutsche Bank provides meaningful capacity to fund growing demand for residential solar projects.”
Mosaic is trying to position itself as the solar loans market-leader, with a business model based on providing loans with fixed interest rates to homeowners to purchase rooftop solar systems. Its financing timelines range from 10 to 25 years, with interest rates between 2.49% and 8.48%.
The company has set itself of having a significant USD 1 billion available to homeowners for solar loans by the summer of 2017. This newest financing facility is a significant step towards that goal, as it is the largest the company has secured over the last year. The two most recent facilities before this were a USD 220 million facility from Warburg Pincus, secured in August, and a USD 200 million warehouse facility from DZ Bank, secured in April.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
Popular content
Share
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.