North America PV Snippets: Mosaic, Sunnova, First Solar

Mosaic Closes $331 Million Loan Securitization; Sunnova Completes Acquisition Of Lennar’s SunStreet; J-Power USA and Fortress To Re-Purpose Coal Facility With Solar & Storage; First Solar Seals Deal With NovaSource & Leeward

North America PV Snippets: Mosaic, Sunnova, First Solar

Originally announced in February 2021, Sunnova has completed the acquisition of SunStreet now, and has also secured tax equity investment commitment from Lennar to support its homebuilder customer pipeline. (Photo Credit: Business Wire)

  • Mosaic has closed $331 million loan securitization of residential solar loans, its ‘most successful’ issuance to date
  • Sunnova has completed its previously announced acquisition of Lennar’s residential solar platform SunStreet
  • J-Power USA will replace Birchwood coal power plant in Virginia with solar and storage facility, along with Fortress Investment Group
  • First Solar has completed the divestment of its O&M and utility scale solar development platforms

Mosaic closes $331 million loan securitization: US based solar financial services provider Mosaic has closed a $331 million securitization of residential solar loans, from 26 unique investors including insurance companies, money managers, banks, pension funds and hedge funds. The company calls this its most successful issuance yet. “This low cost of funds will benefit our partners and homeowners as we continue to bring the most innovative financial products to the market,” said Mosaic Founder and CEO, Billy Parish. In June 2020, Mosaic closed $280 million securitization of residential solar loans (see Mosaic: $280 Mn Securitization of Solar Loans).

Sunnova acquisition of SunStreet complete: US reesidential solar and storage company Sunnova Energy International has completed the acquisition of SunStreet Energy Group, LLC, which is the residential solar platform of Lennar Corporation. This deal now makes Sunnova the exclusive residential solar and storage service provider for Lennar’s new home communities with solar, across the country. Lennar will also provide tax equity investments to support Sunnova’s homebuilder customer pipeline. The acquisition was initially announced in February 2021 (see Sunnova To Acquire Residential Solar Platform).

J-Power to build solar and storage project in US: The wholly owned subsidiary of J-Power North America Holdings, itself a wholly-owned subsidiary of Japan’s Electric Power Development Co., Ltd., has announced its 3rd solar project in development in the US. J-Power USA will develop a 50 MW AC solar power plant and 190 MW AC energy storage facility in Virginia, jointly with Fortress Investment Group, LLC. The Birchwood Solar project will replace and re-purpose Birchwood coal power plant to generate and storage clean energy. The coal power project was operational since November 1996, and was closed in March 2021. Using existing transmission infrastructure on site, decommissioning the only coal-fired plant in J-Power USA’s portfolio means it only comprises natural gas and renewable energy.

First Solar divests stake to Leeward & NovaSource: First Solar has completed the previously announced sale of its North American operations and maintenance (O&M) business to NovaSource Power Services, making the latter the largest O&M provider globally. NovaSource is a portfolio company of Toronto based private equity firm Clairvest Group Inc. Around 270 First Solar O&M associates have also joined NovaSource (see First Solar Grows Gross Profit In Q2/2020).

It has also completed the sale of its US utility scale solar development platform comprising around 10 GW AC capacity to Leeward Renewable Energy, LLC, a portfolio company of Canadian pension plan’s investment arm, OMERS (see First Solar Selling US Project Development Business).

About The Author

Anu Bhambhani

SENIOR NEWS EDITOR Anu is our solar news whirlwind. At TaiyangNews, she covers everything that is of importance in the world of solar power. In the past 9 years that she has been associated with TaiyangNews, she has covered over thousands of stories, and analysis pieces on markets, technology, financials, and more on a daily basis. She also hosts TaiyangNews Conferences and Webinars. Prior to joining TaiyangNews, Anu reported on sustainability, management, and education for leading print dailies in India. [email protected]

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