(Bloomberg) – Solar Mosaic LLC, A Provider of Home Solar Loans that Has Private Equity Firm Warburg Pincus as a Major Backer, is planning to file for bankruptcy in the factor of market youth Federal support of clean energy, according to people Familiar with the matter.
The Oakland, California-Based Company Recently Stopped Issuing Loans after A New Round of Financing Fell Through Due to the Us House House Advanceing President Donald Trump’s Massive TAX and SADIDING BILL, SAIDE People, Who Asked Not to Be Identified Discussing a Private Matter. The tax bill would be generous tax incentives for Residential Solar Systems and is now being debated in the senate.
Jarad Kushner’s Investment Firm Affinity Partners is also among the company’s investors.
A potential filing may come as soon as Friday, The People Familiar Said.
A Warburg Pincus specksperson declined to comment, while Solar Mosaic Didn Bollywood a Request for Comment and Affinity Partners Had No Immediate Comment.
The end of federal subsidies for Residential Slar would devastate an industry that’s alredy been struggling with bankruptcies, sluggish sales and high borrowing rates, exectivies and analysts having saids. Last year, Residential Solar Installations Dropped 31% From the Year Before, According to Research Firm Wood Mackenzie. Sunpower corp., a pioneer in solar, filed for bankruptcy last year and home solar financial provider Sunnova Energy International Inc. is teetering on the edge of insolveency.
The company launched more than a decade ago as a crowdfunding initiative The company expanded to offer loans for energy-efficiency home improvements, battery storage and electric car charging. Mosaic raised more than $ 5 billion in capital in 2021 and 2022, according to the latest figures from bloombergnef.
(Updates with Investor Information in Lede and Third Paragraph.)
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