Investors Earn 6.38% Returns for Investing in a Solar Project
OAKLAND, CA -- (December 11th, 2012) Mosaic, an online marketplace that connects investors to high-quality solar projects, celebrated the successful financing of their 6th solar project funded through a new model where investors have the potential to earn returns on their investment. The latest project, a 47 kW solar installation on the roof of the Youth Employment Partnership (YEP) in Oakland, was funded in less than a week by 51 investors.
“Community solar has not yet been done in a framework that can rapidly scale,” said Mosaic’s Co-founder and Chief Financial Officer Steve Richmond. “The YEP solar project represents the start of a model that we believe can grow into a significant source of capital for solar projects while offering great returns for millions of investors.”
“Our partnership with Mosaic has allowed us to convert our training facility to a solar-powered living classroom,” said YEP’s Executive Director Michele Clark. “In addition to all the sound environmental reasons for going solar, it will save us thousands of dollars and expose over 1,000 high risk teens and young adults every year to the concept of sustainability.”
The ribbon cutting ceremony included a tour of the solar installation on the roof of the YEP, a non-profit that is predicted to save more than $160,000 through reduced electricity costs. The lineup of speakers at the event included Oakland Mayor Jean Quan; Mosaic Co-founder and Chief Financial Officer, Steve Richmond; Executive Director of the Youth Employment Partnership, Michele Clark; Executive Director of Ella Baker Center for Human Rights, Jakada Imani; President of Sun Light and Power Gary Gerber; and President of Give Something Back, Michael Hannigan.
Mosaic is an online marketplace for investing in clean energy infrastructure projects. Their mission is to open up clean energy investing and fundamentally change the way energy is financed. To date, they have raised nearly $400,000 from more than 400 investors to finance six rooftop solar power plants in Oakland, CA; Flagstaff, AZ and on the Navajo Nation, AZ. The first five projects were financed through a zero-interest model that was open to the American public; the sixth project on the Youth Employment Partnership will provide an estimated 6.38% return to investors. Together, Mosaic’s first six projects created 120 kW of clean solar energy, produced 2,350 job hours and will save community organizations an estimated $438,000 on their utility bills over the next 20 years.
About the Youth Employment Partnership
Founded in 1973, the Youth Employment Partnership (YEP) is Oakland's largest and most experienced youth employment training agency. They serve low-income youth facing the greatest barriers to success and active engage them in their communities through comprehensive support services and employment. YEP has served over 30,000 youth through its programs. YEP youth have also rehabilitated more than 50 houses to be used as affordable homes for families in East Oakland.