OAKLAND, Calif., Sept. 11, 2017 /PRNewswire/ -- Goldman Sachs Bank ("GS Bank") and Mosaic, America's leading provider of affordable home solar financing solutions, today announced a purchase commitment in which GS Bank will purchase $300 million in home solar loans originated by Mosaic.
"This purchase commitment further strengthens Mosaic's position as the most trusted home energy financing platform in the US with diversified sources of capital," said Billy Parish, CEO of Mosaic. "We are excited to work with a leading bank that shares our passion for providing clean energy financing solutions to homeowners."
The GS Bank purchase commitment increases Mosaic's available future loan funding commitments from banks and credit unions to $800 million. This is in addition to $650 million of committed borrowing capacity provided by Mosaic's existing warehouse partners. With proven access to the term securitization market as well, Mosaic is well positioned for strong growth in 2018.
Mosaic provides financing to homeowners to purchase rooftop solar systems, which typically result in savings of tens of thousands of dollars in energy costs over the life of the system, as well as other home improvement projects. With equity backing by Warburg Pincus, Mosaic has become the #1 lender for home solar in the country. Mosaic has a network of more than 125 top tier solar companies that offer the Company's financing products, including 15 of the top 25 installers nationally.
Mosaic makes financing solar energy systems accessible and affordable for homeowners by providing the simplest borrower experience in the industry. Mosaic has originated over $1B of loans to date. Customers are connected to top solar installers and can qualify instantly for no money down loans with fixed interest rates and multiple term options. For solar installers, Mosaic provides a streamlined financing platform to drive sales growth. Since 2012, Mosaic has helped over tens of thousands people go solar with a network of over 125 installers. Mosaic has been honored by Fast Company as a Top Ten Most Innovative Company in Energy for two consecutive years. For more information, visit http://joinmosaic.com.
Leslie Van Every