Written by: Leonard Parker | Solar News | 19th April
Mosaic, the leading financing platform for U.S. residential solar and energy-efficient home improvement projects, announced a new $1.5 billion, multi-year loan purchase program with Congressional Bank. The program focuses on loans for solar energy systems, as well as battery storage, to help further accelerate the adoption of clean energy in homes across the United States.
Congressional Bank’s subsidiary Alliance Partners is the asset manager to BancAlliance, a cooperative network of more than 260 community banks nationwide.
“We’re excited to work with Congressional Bank and its Alliance Partners subsidiary to further expand our funding and make offering financing solar easier for even more installers and their homeowner customers,” said Billy Parish, founder and CEO, Mosaic. “Congressional Bank shares Mosaic’s commitment to combating climate change and supports our mission to empower millions of people to prosper from clean energy. To date, Mosaic has helped more than 125,000 households switch to solar. Together, we’ll be able to help even more families reap the benefits from solar through fast and simple financing solutions.”
Congressional Bank was the first bank to become a Certified Green Business in Montgomery County, Maryland. Additionally, the Bank recently implemented a company-wide Responsible Investment and ESG policy to promote sustainability and serve as a “green” business role model in the community.
“The Bank recently secured a commitment for a $345 million private placement of its common stock from several institutional investors to help fund up to $10 billion of new loan originations, including initiatives like our new Sustainable Finance Division,” said Don Cole, CEO, Congressional Bank. “We believe Mosaic is an industry leader that shares our approach to originating high-quality credit assets and providing superior customer service.”
“We have great confidence in Billy and his team,” said John Delaney, executive chairman of the board, Congressional Bank. “Our partnership with Mosaic is an example of our commitment to high-standard environmental, social and governance practices, providing innovative and specialized lending solutions using modern technology to help customers. We are a bank for a changing world.”
This partnership follows Mosaic’s recent announcement of closing a $331 million securitization of residential solar loans.