Goldman Sachs purchases $300 million in loans for residential solar installations

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Goldman Sachs Bank announced a purchase commitment of $300 million from Mosaic, a leading American provider of affordable home solar financing solutions.

After the new purchase commitment from GS, Mosaic now holds $800 million of funds that it can invest in future home solar installations.

According to the official statement issued by Mosaic, this adds to the $650 million in borrowing capacity that the company has from other lenders.

Billy Parish, CEO of Mosaic said: "This purchase commitment further strengthens Mosaic's position as the most trusted home energy financing platform in the US with diversified sources of capital”.

He added: "We are excited to work with a leading bank that shares our passion for providing clean energy financing solutions to homeowners."

California- based Mosaic is the largest US home solar lender, providing financing solutions to home owners interested in investing in solar, with a network of more than 125 rooftop developers.

Up to date, Mosaic has facilitated more than $1 billion in solar loans.

According to PV Tech, in November 2015 the investment giant Goldman Sachs announced that it will invest more than $150 billion in renewable energy projects by 2025.

Lloyd Blankfein, Goldman Sachs chairman and CEO had then said: “Over the past 10 years, we have built on our commitment to harness market-based solutions to help support a healthy environment and address the problem of climate change”.

He had added: “We will continue to work towards deploying innovative financial mechanisms through an expanded investor base focused on environmental opportunities”. 

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