Mosaic Closes $ 221 Million Solar Loan Securitization With Another Record Green Bond Offering


Expands executive strength with addition of industry veteran to lead solar and storage team

Posted: October 20, 2021 at 8:35 a.m. CDT|Update: 15 hours ago

OAKLAND, California, 20 October 2021 / PRNewswire / – Mosaic, a leading financing platform for retrofitting solar and energy efficient residential homes in the United States, today announced the completion of its 11th solar loan securitization. TO $ 221 million, securitization included 21 unique investors and set another industry record for low cost of bond funds.

(PRNewsfoto / Mosaic)

“Capital markets continue to appreciate the high quality standards and consistent performance of Mosaic, evident in our latest securitization,” said Billy Parish, founder and CEO of Mosaic. “This success strengthens our competitiveness in low cost of funds and, along with investor appetite for green bonds, helps us advance our vision of 100% clean energy for all.

The deal was billed at both Mosaic and industry tight spreads, with a weighted average cost of 1.94%, despite pricing in one of the most competitive weeks on the market in recent years. . This is the second consecutive transaction with a return of less than 2%, after the success of Mosaic $ 191 million OK in June.

“This low cost of funds will benefit our partners and owners as we continue to support the provision of affordable financing options to our clients,” added Parish.

The Mosaic Solar Loans 2021-3 (“Mosaic 2021-3”) transaction was closed on September 29, 2021 and consisted of four classes of notes rated by the Kroll Bond rating agency from “AA-” to “BB-” with weighted average maturities ranging from 3.0 to 5.7 years. Deutsche Bank was the structuring agent and bookrunner for Mosaic 2021-3, and Royal Bank of Canada and BNP Paribas were associated bookkeepers. The bonds comply with the principles of green bonds, according to Sustainalytics US, Inc.

Mosaic hires new general manager of solar energy and storage
Mosaic has also added a key leader to its growing team – John bumgarner, relating to Patrick moore, president and chief operating officer. As Managing Director of Solar Power and Storage, Bumgarner will manage Mosaic’s solar power sales and business development units and will collaborate with marketing, customer experience and product development to provide service. first-rate to Mosaic’s solar partners. He will work closely with Mosaic customers across the solar ecosystem, including OEMs, distributors, installers, sales organizations and SAAS platforms.

“Mosaic is dedicated to building a leadership team focused on delivering the experience we want to create for our customers at all levels,” said Moore. “John bumgarner brings knowledge and expertise to our solar and storage group, as well as passion and inspiration to the entire Mosaic team. “

Bumgarner has over 13 years of residential solar experience. Prior to Mosaic, he was Director, Channel Partner Platform at SunRun, where he managed the functional leads of new partners, business intelligence, training and development and portfolio management. Bumgarner obtained his bachelor’s degree from CalPoly and his master’s degree from San Diego State University.

About Mosaic
Mosaic makes financing for solar, solar and energy storage systems and other sustainable home improvements accessible and affordable for homeowners by providing a quick and easy way to apply for financing. Customers are referred by approved solar installers and home improvement contractors, as well as other ecosystem partners, and can get a credit decision in minutes for no down payment loans with fixed interest rates and multiple duration options. Funding requested and processed through the Mosaic platform comes from Solar Mosaic, Inc. or one of its lender / finance 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 180,000 households make the switch to sustainable renovations through its financing products.

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