Mosaic, an online marketplace that connects investors to solar projects, is joining forces with industry leaders and bankers to make the sun “bankable.” As part of the truSolar working group, Mosaic is collaborating with 16 market leaders in the solar industry to standardize risk assessment and develop a score–similar to a credit rating–for each solar project. At the same time, Mosaic is bringing Marco Krapels, an Executive Vice President at Rabobank with 20 years of banking experience, including renewable energy project finance, onto its Board of Directors.
Earlier this month Mosaic launched their first return on investment solar projects to the public, selling out all three in less than 24 hours with over $300,000 invested. Recognizing the pent-up demand for investing in solar, Mosaic is working to increase the efficiency with which projects can be evaluated in order to maintain high-quality standards while reducing the time that it takes to bring solar projects to the platform.
“Mosaic provides a unique way for small investors to reap the same returns that major investors in solar have been enjoying for years while providing the industry with an additional influx of capital. I look forward to supporting the disciplined development of the Mosaic platform to let all Americans participate in the clean energy economy,” said Marco Krapels, Executive Vice President at Rabobank North America.
Currently, Mosaic has an investment committee and works with attorneys, technical experts and insurance specialists to evaluate every project before deciding to finance the project. Standardizing the way that solar projects are evaluated will significantly improve efficiency and increase the rate at which projects can be financed.
“The process we use to evaluate projects is very similar to that of other financial institutions, except that after the due diligence we make it possible for the public to participate in and reap the rewards of investing in solar,” said Mosaic’s Chief Investment Officer Greg Rosen. Mr. Rosen has spent 13 years in the solar finance industry and has been involved in the financing of several hundred million dollars worth of solar projects.
To date, Mosaic has raised $1.1M from more than 700 investors to finance twelve rooftop solar power plants in California, Arizona and New Jersey. Mosaic’s latest projects were available to residents of California and New York as well as accredited investors from around the country. Mosaic will be launching new projects at www.joinmosaic.com in the coming weeks.