Company helps more than 1 million people prosper from clean energy
Completes $244 million solar loan securitization
OAKLAND, Calif., Sept. 15, 2022 /PRNewswire/ — Mosaic, a leading financing platform for U.S. residential solar and energy-efficient home improvements, today announced it has surpassed $9 billion in loans funded through its platform. The company continues to see significant growth — surpassing $8 billion in loans funded just eight weeks ago.
“The need for clean energy and sustainable home improvements has never been greater,” said Billy Parish, founder and CEO of Mosaic. “Just last week, millions of people were under excessive heat warnings, which put pressure on electric grids in several states. Our partners and industry play a critical role in helping homeowners make their homes more energy efficient and resilient. There’s so much opportunity to not only prevent the worst impacts of climate change, but also support an adaptable and modern grid through the adoption of solar panels, battery storage and high-efficiency electrical appliances. And now, the Inflation Reduction Act will make it even easier for people to choose these options.”
Mosaic passed another significant milestone in September: Helping more than 1 million people prosper from clean energy. By making financing affordable and accessible, the company has helped more than a million homeowners, contractor partners, equipment suppliers, and Mosaic employees and their families.
“We started Mosaic to empower as many homeowners as possible to own their own clean energy,” said Parish. “We know that the more people who benefit financially from transitioning to clean energy, the faster adoption will occur. Thank you to all of our customers, partners, investors and teammates who’ve made this possible — we’re just getting started!”
The company also recently closed its 13th solar loan asset backed securitization, which is more than any other solar loan issuer in the space. At $244 million, this is the second securitization Mosaic has closed in the 2022 calendar year.
The Mosaic Solar Loans 2022-2 transaction (“Mosaic 2022-2”) priced on August 5, 2022, and consisted of four classes of notes rated by Kroll and Fitch Bond Rating Agencies from “AA-/AA-” to “BB-/BB” with weighted average lives ranging from 2.86 to 5.28 years. Deutsche Bank was the structuring agent and bookrunner for Mosaic 2022-2, BNP Paribas was the joint bookrunner with Royal Bank of Canada and Societe Generale as co-managers. The bonds are compliant with Green Bond principles, according to Sustainalytics US, Inc.
Mosaic makes financing solar, solar plus energy storage systems, and other sustainable home improvements accessible and affordable for homeowners by providing a fast and easy way to apply for financing options. Customers learn about Mosaic through approved solar installers and home improvement contractors, as well as other ecosystem partners, and can get a credit decision in minutes for no money down loans with fixed interest rates and multiple term options. Financing applied for and processed through the Mosaic platform is originated by Solar Mosaic LLC or one of its lending/financing partners. For our network of thousands of solar installers and home improvement contractors, Mosaic provides a streamlined financing platform to drive sales growth. Since 2012, Mosaic has helped more than 275,000 households switch to sustainable home improvements with its financing products.
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