In The Press
Private-equity firm Warburg Pincus is leading a $220 million equity investment in energy-financing startup Solar Mosaic Inc. Mosaic partners with solar-installation contractors who offer its loans as an option to homeowners interested in getting solar or other energy upgrades. It says it has developed a quick credit-assessment formula, taking a page from the playbook of online-lending startups.
The financing was led by Warburg Pincus, a private equity firm based in San Francisco. Core Innovation Capital and Obvious Ventures, Twitter (NYSE: TWTR) founder Ev Williams' venture firm, also contributed to the round. The company last raised $200 million in debt financing in April 2016, and has previously raised about $23 million in addition to a grant from the U.S. Department of Energy in 2012. The company was founded in 2010.
Mosaic claims to provide "the simplest borrower experience in the industry. 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."
"We are thrilled to welcome Michael, Eric and Katya to Mosaic as we enter our next phase of growth," said Billy Parish, founder and CEO at Mosaic. "Each of our new hires is an expert in their respective fields and will play an important role as we prepare to reach our goal of originating $1 billion in solar loans by the end of the year. Every day, more homeowners are choosing to transition from fossil fuel based electricity and move toward going 100% clean energy at home."
Solar Mosaic Inc, a former crowdfunding startup that reinvented itself as a provider of home solar loans, said on Wednesday it had secured $200 million in funding that will support at least 5,000 rooftop installations. Germany's DZ Bank and New York state's NY Green Bank provided the warehouse financing to the Oakland, California-based company, which goes by Mosaic.