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Mosaic Raises $200 Million For US Residential Solar

Mosaic, one of the United States’ leading solar financing solutions, announced it had closed on $200 million in financing for residential solar in the US.

One of the leading providers of “affordable solar financing solutions for homeowners,” Mosaic announced on Wednesday that it had closed on an “up to $200 million” warehouse facility with the fourth largest bank in Germany, DZ Bank, which acted as administrative agent and lead lender. NY Green Bank is also participating in the syndicate to further expand New York State solar opportunities.

Mosaic is billing this new financing deal as an evolution of its business model, aligning the company with the residential solar industry’s shift toward broad access to institutional capital providers.

“Both DZ BANK and NY Green Bank have extensive experience as leading renewable energy financiers,” said Billy Parish, founder and chief executive officer at Mosaic. “DZ BANK and NY Green Bank’s committed, relationship-driven approach was a natural fit for Mosaic as we looked to build our largest warehouse credit facility to date. With 40% consecutive monthly growth for over a year, we needed partners who could take us to the next level and help us grow as we continue to see the inevitable and rapid transition from fossil-fuel based electricity to rooftop generation of solar energy.

Guggenheim Securities, LLC, the investment banking and capital markets business of Guggenheim Partners, acted as sole arranger of the facility.

“Guggenheim was instrumental in helping us to find the right lending partners to support our business plan. The partnership with DZ BANK and NY Green Bank moves us towards our goal of having the ability to originate $1 billion in residential solar loans by the end of year to meet growing consumer demand for a simple, affordable, solar finance solution.”

Mosaic provides financial support to homeowners over the life of their solar installation, helping them to save “tens of thousands of dollars.” On the other side of the coin, Mosaic provides solar installers with the “simplest and easiest” financing opportunities.

“DZ BANK has been thoroughly impressed with Mosaic’s operations, loan product and traction in the marketplace as they have gone from startup to leader in the market,” said Frank Schehl, Managing Director and Head of Asset Securitization at DZ BANK.  “We identified this unique opportunity to leverage our experience in financing renewable energy solutions in the US. We are confident that between Mosaic’s history of industry leadership and future aspirations, our partnership will continue to grow.”

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