OAKLAND, Calif., July 15, 2021 /PRNewswire/ --Mosaic, a leading financing platform for U.S. residential solar and energy-efficient home improvement projects, today announced it has surpassed $5 billion in loans funded through the company's platform. This announcement comes just five months after the company shared it had surpassed $4 billion in loans funded.
"At a time when the country is experiencing record heat waves, droughts and weather-related power outages, we know how important it is to make energy-efficient home improvements accessible and affordable for homeowners," said Billy Parish, founder and CEO, Mosaic. "It is phenomenal that we've been able to fund more than $1 billion in loans in such a short period of time, which is a testament to our team and partners, and to the families choosing to switch to clean energy."
At the same time, the company also closed its 10th solar securitization — which is more than any other solar loan issuer in this space. The $191 million solar loan securitization included 14 unique investors.
"This is another record-breaking deal with a blended cost of 1.98% across the bonds — the lowest of any residential solar loan securitization to date," said Parish. "The financial markets continue to recognize solar loans as a strong asset class and reward Mosaic's consistent performance and underwriting discipline. Our lower cost of funds allows us to offer some of the best rates in the industry, and our multiple years of historical data means we are able to generate higher approval rates for our customers while continuing to produce consistently strong asset performance."
The Mosaic Solar Loans 2021-2 transaction ("Mosaic 2021-2") closed on June 25, 2021 and consisted of four classes of notes rated by Kroll Bond Rating Agency from "AA-" to "BB-" with weighted average lives ranging from 3.0 to 5.8 years. Royal Bank of Canada was the structuring agent and bookrunner for Mosaic 2021-2, and Deutsche Bank and BNP Paribas were joint bookrunners. The bonds are compliant with Green Bond principles, according to Sustainalytics US, Inc.
A pioneer in solar and clean energy, Mosaic has helped more than 160,000 homeowners switch to sustainable home solutions. The company strives to make it as simple as possible for millions to generate cleaner, more affordable energy for their homes and reduce their impact on the environment.
About Mosaic Mosaic makes financing solar, solar plus energy storage systems and other home improvements accessible and affordable for homeowners by providing the simplest borrower experience in the industry. Customers are referred by approved solar installers and home improvement contractors and can qualify instantly for no money down loans with fixed interest rates and multiple term options. Financing applied for and processed through the Mosaic platform is originated by Solar Mosaic, Inc. or one of its lending/financing partners. For our network of hundreds of solar installers and home improvement contractors, Mosaic provides a streamlined financing platform to drive sales growth. Since 2012, Mosaic has helped more than 160,000 households switch to sustainable home improvements with its financing products. For more information, visitjoinmosaic.com.