Mosaic Completes $221 Million Solar Loan Securitization with Another Record-Setting Green Bond Offer
Expands Executive Bench Strength with Addition of Industry Veteran to Lead Solar and Storage Team
Mosaic, a leading financing platform for U.S. residential solar and energy-efficient home improvements, today announced the close of its 11th solar loan securitization. At $221 million, the securitization included 21 unique investors and set another industry record for low cost of funds on bonds.
"The capital markets continue to value Mosaic's high quality standards and consistent performance, evident in our latest securitization," said Billy Parish, Founder and CEO, Mosaic. "This success reinforces our competitiveness in low cost of funds and, with investor appetite for green bonds, helps us advance our vision of 100% clean energy for all."
The transaction priced at both Mosaic and industry record tight spreads, with a weighted average cost of 1.94 percent, despite pricing during one of the more competitive weeks in the market during the past few years. This is the second, sub 2 percent yield transaction in succession, following the success of Mosaic's $191 million deal in June.
"This low cost of funds will benefit our partners and homeowners as we continue to support delivery of affordable financing options to our customers," added Parish.
The Mosaic Solar Loans 2021-3 transaction ("Mosaic 2021-3") closed on September 29, 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 5.7 years. Deutsche Bank was the structuring agent and bookrunner for Mosaic 2021-3, and Royal Bank of Canada and BNP Paribas were joint bookrunners. The bonds are compliant with Green Bond principles, according to Sustainalytics US, Inc.
Mosaic Hires New GM of Solar and Storage
Mosaic also added a key leader to its growing team - John Bumgarner, reporting to Patrick Moore, President and COO. As General Manager of Solar and Storage, Bumgarner will manage Mosaic's solar sales and business development units and will collaborate with marketing, customer experience and product development to deliver top-notch service to Mosaic's solar partners. He will work closely with Mosaic's clients throughout the solar ecosystem including OEMs, distributors, installers, sales organizations, and SAAS platforms.
"Mosaic is dedicated to establishing a leadership team focused on delivering the experience we want to create for our clients across the board," 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 more than 13 years of experience in residential solar. Prior to Mosaic, he was director, Channel Partner Platform at SunRun, where he managed functional leaders of new partners, business intelligence, training and development and portfolio management. Bumgarner received his bachelor's degree at CalPoly and his master's degree from San Diego State University.
Mosaic makes financing solar, solar plus energy storage systems and other sustainable home improvements accessible and affordable for homeowners by providing a fast 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 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 180,000 households switch to sustainable home improvements with its financing products.