Mosaic raises $200 Million from DZ BANK and NY Green Bank to Fund Demand for Rapidly Growing Residential Solar in the US
The leading residential solar lender's large-scale, syndicated warehouse facility will provide loans to more than 5,000 American homeowners for rooftop solar systems
Deal underscores the scalability of Mosaic's solar financing solution as it tracks towards originating $1 billion in residential solar loans in the coming year
Apr 27, 2016, 02:17 ET
OAKLAND, Calif., April 27, 2016 /PRNewswire/ -- Mosaic, the leading provider of affordable solar financing solutions for homeowners, today announced the closing of an up to $200 million warehouse facility with Germany's DZ BANK acting as administrative agent and lead lender. NY Green Bank is participating in the syndicate to further expand residential solar opportunities within New York State. Guggenheim Securities, LLC acted as sole arranger of the facility. This agreement represents an evolution of Mosaic's business model to align with the 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 percent 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 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's mission is to empower homeowners by providing the financial support needed to be able to fully benefit from owning their own solar system, saving tens of thousands of dollars over the life of the system. For solar installers, the Mosaic platform delivers the simplest and easiest financing experience in the industry. A fully integrated portal makes it possible for homeowners to get instantly prequalified, and seamlessly manage workflow from the initial meeting to installation day. More than sixteen thousand people have transacted with Mosaic to date.
"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."
About Mosaic
Mosaic is the nation's leading residential solar lending platform, enabling thousands of people to profit from the benefits of clean energy by owning their own solar panels. Honored by Fast Company as a Top Ten Most Innovative Company in Energy for two consecutive years, Mosaic is also a U.S. Department of Energy SunShot award recipient, a Sierra Club Trailblazer Company of the year, and was the Sustainability category winner of Verizon's Powerful Answers Award. For more information, visit http://joinmosaic.com Solar Mosaic Inc., CFL Lic. #6054631
About DZ BANK
DZ BANK is the fourth largest bank in Germany and acts as central bank for approximately 1,000 cooperative banks. DZ BANK's New York based Structured Finance Asset Securitization unit offers lender finance, structured asset and accounts receivable financing for a wide variety of clients and asset types throughout North America. For more information, please visit www.dzbank.com.
About NY Green Bank
NY Green Bank, a Division of the New York State Energy Research and Development Authority (NYSERDA), is a $1 billion state-sponsored specialty finance entity designed to address market barriers and financing gaps preventing the deployment of renewable energy and energy efficiency projects. NY Green Bank is a key financing component of NYSERDA's proposed Clean Energy Fund, which is one of the three pillars of New York's groundbreaking "Reforming the Energy Vision" (REV) strategy to advance a clean, resilient and affordable energy system. More information is available at www.greenbank.ny.gov.
About Guggenheim Securities
Guggenheim Securities is the investment banking and capital markets business of Guggenheim Partners, a global investment and advisory firm. Guggenheim Securities offers services that fall into four broad categories: Advisory, Financing, Sales and Trading, and Research. Guggenheim Securities is headquartered in New York, with additional offices in Chicago, Boston, Atlanta, Los Angeles, and San Francisco. For more information, please contact us at [email protected] or 212.518.9200.
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SOURCE Mosaic