Leading American solar loan financier Mosaic has announced a series of moves, including the closure of a $250 million warehouse facility, which has resulted in more than $550 million in new loan funding capacity.
Mosaic announced on Monday that it had closed a $250 million warehouse facility with Deutsche Bank. This follows on the heels of two earlier financing rounds, a $200 million warehouse facility led by German’s DZ Bank in April, and a $220 million facility in August led by Warburg Pincus.
The company explained that the most recent Deutsche Bank round of financing, together with recent upsizes to its existing warehouse facility and a forward flow whole loan sale arrangement, Mosaic now has over $550 million in new loan funding capacity.
“More and more homeowners are looking for an effective path to energy savings,” said Billy Parish, founder and chief executive officer at Mosaic. “The credit facility with Deutsche Bank provides meaningful capacity to fund the growing demand for residential solar projects.”
“Solar loans are becoming a more common financing choice for people that purchase solar panel systems, and we’re pleased to work with industry leaders like Solar Mosaic to advance this growing asset class,” added Rob Sannicandro, Director at Deutsche Bank.
Earlier this month GTM Research released figures which highlighted Sannicandro’s point, predicting that direct ownership of solar through solar loans will overtake solar leases in 2017, before growing to account for 73% of all solar systems installed in 2021.
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