DZ BANK and NY Green Bank have closed a $200 million facility for Mosaic, a solar lending platform that provides loans to homeowners to install solar panels.
Residential solar panels are increasing in popularity among homeowners, mainly driven by a large drop in price. The industry has historically been driven by solar leases, but now solar loans are taking a larger share of the market. Mosaic’s goal is to provide loans to more than 5,000 U.S. homeowners.
“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.”