USA: Pristine Sun, LLC and Solar Mosaic Inc. have executed several agreements to close on post-construction permanent loans on the first phase of a portfolio build-out of solar PV farms in California over the next nine months.
Power from the six projects, totaling nearly 6 MW of Pristine Sun's 250 MW portfolio of mid-to-late-stage California small utility solar projects, will be connected to the grid and sold to PG&E. This represents enough clean energy to power approximately 6,000 homes.
"Pristine Sun has one of the more extensive small utility scale solar PV portfolios in the country that I'm aware of. We are very pleased to be their lender of choice for these of projects and hope to continue funding additional such projects with Pristine Sun going forward," said Greg Rosen, Mosaic's chief investment officer.
"We are thrilled to have the opportunity to work with Mosaic on this particular pipeline of projects. Crowdfunding provides a new kind of platform to democratize the benefits of clean energy and let more people participate in renewable asset investing. With Mosaic's detailed project prospectuses and easy-to-use website, we have confidence in their strategy. With Pristine Sun's proven high yield solar farms, low risk utilities as off-takers, and local residents benefiting from localized generation and increased grid stability, we are excited to have the ability to help monetize and support much needed environmental stewardship," said Jason Jackson, COO of Pristine Sun, LLC.
"We are excited to support the innovative crowdfunding model of a well-funded, well managed private lender like Mosaic. We have choices when it comes to permanent debt, and I'm pleased to say that Mosaic has been a pleasure to work with, and they offer reasonable loan terms. Transaction costs, as well as costly, lengthy and often over-burdensome due diligence, can destroy significant value in small projects that comprise our niche market.
"Therefore, Mosaic's fair and straightforward approach is a perfect fit for us, and we hope to announce additional debt financing agreements with Mosaic for some of our additional 30 MW of projects that will start construction this year," adds CEO Troy Helming .
In January, Mosaic launched its first return-on-investment solar projects to the public, selling out all three in less than 24 hours with over $300,000 invested. Since then, Mosaic has partnered with Standard & Poor's, DuPont and Distributed Sun, among others, as part of the truSolar working group 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 investors. Mosaic is excited to work with Pristine Sun to increase the amount of high-quality solar projects that are available for investment by the public.