Mosaic increases funding by $550 million including $250 million warehouse facility with Deutsche Bank
Written By: Stratton Report
November 21, 2016
On November 21, Mosaic, a provider of solar loan financing for homeowners, announced it had closed a $250 million warehouse facility with Deutsche Bank as the arranger and administrative agent.
Per the firm, this agreement provides Mosaic with $550 million of new loan funding capacity when combined with recent upsizes to Mosaic’s existing warehouse facility and a forward flow whole loan sale arrangement.
Billy Parish, founder and chief executive officer at Mosaic noted: “More and more homeowners are looking for an effective path to energy savings. The credit facility with Deutsche Bank provides meaningful capacity to fund the growing demand for residential solar projects.”
“More and more homeowners are looking for an effective path to energy savings. The credit facility with Deutsche Bank provides meaningful capacity to fund the growing demand for residential solar projects.”
Rob Sannicandro, Director at Deutsche Bank remarked: “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.”
This financing comes on the heels of an equity financing round of up to $220 million led by Warburg Pincus in August and a $200 million warehouse facility lead by Germany’s DZ BANK in April.
Mosaic stressed that it is the largest solar lender in the US with a network of over 250 solar companies that offer the company’s financing products. This includes 21 of the top 25 installers nationally, representing more than 85% of the residential solar market in the U.S.