Mosaic Announces $1.5 Bn Loan Purchase Program for Residential Solar Projects

Mosaic, the leading financing platform for U.S. residential solar and energy-efficient home improvement projects, today announced an additional multi-year loan purchase program for approximately $1.5 billion with a leading global investment firm.

This investment builds on a separate $1.5 billion, multi-year loan purchase program with Congressional Bank announced by Mosaic on April 14. This gives Mosaic access to Congressional Bank’s subsidiary, Alliance partners, the asset manager to BancAlliance, a cooperative network of more than 260 community banks nationwide.

“This new multi-year loan program builds on our team’s already strong accomplishments this year, while further strengthening our long-term funding stability. Our new partnerships will help over 100,000 homeowners afford sustainable energy and home improvement projects,” said Billy Parish, founder and CEO, Mosaic. “The capital markets continue to recognize the value of our disciplined approach and superior credit performance.”

This adds to an already impressive year for Mosaic, with its recent announcement of a $331 million securitization of residential solar loans. It was the company’s ninth loan securitization to date, which is more than any other solar loan issuer in the space. This securitization was priced at a weighted average yield of 2.0% and was also the first in the industry with Class A Notes that priced with a spread inside of 100 basis points.

“Our success with so many different financial partners is a true testament to our ability to execute our diverse offtake strategy,” said Alex Kaplan, vice president of capital markets, Mosaic. “We will continue to look for new opportunities to deliver long-term value to our partners and the industry.”

A pioneer in solar and clean energy, Mosaic has helped more than 140,000 homeowners switch to sustainable home solutions. The company strives to make it as simple as possible for millions to generate cleaner, more affordable energy for their homes and reduce their impact on the environment.