Announces Largest Solar Loan Securitization to Date at $382.7 Million and Expands Executive Team with Two New Hires
OAKLAND, Calif., April 21, 2022 /PRNewswire/ — Mosaic, a leading financing platform for U.S. residential solar and energy-efficient home improvements, today announced it has surpassed $7 billion in loans funded through the company’s platform. This milestone signals a strong first quarter for the mission-driven company, which also achieved its highest monthly loan volume to date in March.
“There’s a growing importance of clean renewable energy as an economic engine, a climate imperative, and a matter of national security,” said Billy Parish, founder and CEO of Mosaic. “The urgency to deliver affordable financing options for our partners and homeowners is growing, and Mosaic is uniquely positioned to help lead this charge.”
The $7 billion milestone was passed in mid-March and was fueled by the company’s strong industry relationships, operational capabilities and numerous capital partners. Mosaic also recently completed a $382.7 million securitization. This was Mosaic’s largest securitization to date and included the addition of Fitch Ratings, rating the senior (AA-) tranche of the transaction. Mosaic has now completed 12 securitizations over the course of six years, which is more than any other solar loan issuer in the space. Additionally, Mosaic continues to build new forward flow and direct origination partnerships with banks, credit unions, insurance companies and asset managers to further strengthen its diversified funding model.
Mosaic Expands Executive Bench
As Mosaic continues to experience rapid growth, the company has added two new leaders to its team. Kim McNealy has joined as general manager of home improvement and reports to Patrick Moore, president and chief operating officer. And Noura Panaritis has joined as senior vice president of enterprise applications and reports to Nagaraju Bandaru, chief technology officer.
McNealy oversees the home improvement business operations at Mosaic, developing, deploying and maintaining highly competitive products and services throughout the home improvement ecosystem, from OEMs, distributors and SaaS platforms, to installers and sales organizations. He has more than two decades of experience in business development and customer experience strategy focused on high-growth, technology-based companies.
As the SVP of enterprise applications for Mosaic, Panaritis serves as the technology business partner for the sales, marketing, finance, operations and people operations departments. She brings a proven track record in go-to-market, finance and operations technology solutions to Mosaic and most recently worked at LightSpeed Commerce and J.D. Power.
“We are honored to have Kim McNealy and Noura Panaritis join our team,” said Moore. “Their unique and compelling experience, coupled with their enthusiasm for growth, make us very excited for the impact they will have on advancing our mission.”
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 options. Customers learn about Mosaic through 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 LLC or one of its lending/financing partners. For our network of thousands of solar installers and home improvement contractors, Mosaic provides a streamlined financing platform to drive sales growth. Since 2012, Mosaic has helped more than 220,000 households switch to sustainable home improvements with its financing products.
View original content to download multimedia:https://www.prnewswire.com/news-releases/mosaic-surpasses-7-billion-in-loans-funded-for-residential-solar-and-sustainable-home-improvements-301530116.html