12 September 2017

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

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”. 

John Goldstein, Managing Director of Goldman Sachs Asset Management will be talking in the “Reducing Risk and Maximising Green Returns” panel on Sustainable Investment Forum taking place during New York Climate Week, on 19 September. To find out more and register, please click here

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