Solar Mosaic, which specializes in loans for residential solar, has pulled in $220 million in financing in a new round led by Warburg Pincus. The money isn’t for funding loans, emphasizes co-founder and president Dan Rosen. The funds come as equity financing that will be used to expand the team, enhance the software and in general grow the business.
How fast is the company growing? Lately, the company has had to turn away solar installers on loan projects because the company couldn’t handle the additional business, he said. Mosaic will write approximately $1 billion worth of solar loans over the next year, Rosen predicted.
