SAN FRANCISCO (Reuters) – Solar Mosaic Inc, the leading provider of loans for solar home installations in the United States, said on Thursday it had raised $ 220 million in new financing to continue growing the rooftop solar loan market.
The round far eclipses the company’s total previous fundraising of around $ 12 million, a spokeswoman said.
Mosaic, based in Oakland, Calif., Founded in 2010, provides financing to homeowners to purchase rooftop solar systems, connecting them to solar installers and offering fixed interest rate loans to pay off the installation.
Mosaic’s average loan size is $ 30,000, with term options ranging from 10 to 25 years and interest rates between 2.49% and 8.48%.
The $ 220 million Series C funding was led by private equity firm Warburg Pincus, with Core Innovation Capital and Obvious Ventures also participating in the round.
The company declined to comment on its assessment.
Mosaic raised $ 200 million in debt in April to finance loans that would finance about 5,000 rooftop installations. More than 250 solar companies offer Mosaic financing products.
By next summer, Mosaic plans to make about $ 1 billion available to homeowners for solar loans.
Reporting by Heather Somerville in San Francisco; Additional reporting by Nichola Groom in Los Angeles; Editing by Phil Berlowitz