Consumer Funding Opportunity for Military Solar Project

Joanna Schroeder

Mosaic is offering an opportunity for consumers to invest in a U.S. military solar project. Accredited Investors throughout the country, along with non-accredited investors in California, can put their dollars to work by investing in the addition of solar panels on military housing. Mosaic is offering investments in a 12.3 Megawatt solar photovoltaic (PV) energy installation across 547 homes at Joint Base McGuire-Dix-Lakehurst. This base, located in New Jersey, is the first joint Army, Air Force and Navy base in the United States. Investors will earn a competitive rate of return while bringing homegrown renewable power to military families.

Investors can invest as little as $25 in the project. They will earn estimated net returns at a variable interest rate of LIBOR plus 2.25% annually for the first four years, rising to 1 month LIBOR + 2.50% for the final three years of the seven-year term. Newly registered investors can earn a $10 investment bonus through October 10, 2013.

Mosiac Fort Dix solar project“Our nation’s energy sources and our national security go hand in hand. The military is at the forefront of developing and deploying clean energy technologies that support troop readiness and energy independence,” said Tonya Johnson, who lives on the military base with her family. “I love having solar on my rooftop.”

The solar panels will be secured on the rooftops of 547 homes of U.S. service members and their families. The solar installations will meet 30 percent of their electricity needs and save the housing developer and owner, United Communities, $1.3 million per year in energy costs.

The Department of Defense has committed to deploying renewable energy and has a goal of powering at least 750,000 home by 2025 with solar energy. The Sunshot program was created to help reduce the cost of solar, and Mosaic was granted $2 million in June 2013.

“The US military knows better than anyone the importance of energy independence,” said Billy Parish, President of Mosaic. “Mosaic is pleased to offer more Americans the opportunity to tangibly support this by investing in rooftop solar energy for military families. As a father, I’m working everyday to create a secure home, nation, and planet for my children.”

Mosaic is financing this new solar housing project in partnership with True Green Capital Management, a New York-based private investment firm, and CIT, a bank holding company with more than $44 billion in assets. The installation is owned by equity sponsor True Green Capital Management. In addition, CIT Energy served as Sole Lead Arranger in a $24 million senior secured credit facility provided by CIT Bank, the U.S. commercial bank subsidiary of CIT Group Inc.

Alternative energy, Electricity, military, Solar