SAN FRANCISCO (Reuters) - Solar Mosaic Inc, the top provider of loans for home solar installations in the U.S., said on Thursday it had raised $220 million in fresh funding to continue growing the rooftop solar loan market.
This round by far eclipses the company’s total previous equity raises of about $12 million, a spokeswoman said.
Oakland, California-based Mosaic, founded in 2010, provides financing to homeowners to purchase rooftop solar systems, connecting them with solar installers and providing loans with fixed interest rates to pay off the installation.
Mosaic’s average loan amount is $30,000, with term options of 10 to 25 years and interest rates between 2.49 percent and 8.48 percent.
The $220 million Series C financing 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 valuation.
Mosaic in April secured $200 million in debt to fund loans that would finance about 5,000 rooftop installations. More than 250 solar companies offer Mosaic’s financing products.
By next summer, Mosaic plans to have 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