Solar Mosaic, a fintech platform specializing in U.
S. residential solar and energy-efficient home improvement financing, has received approval from the United States Bankruptcy Court for the Southern District of Texas for its Chapter 11 Plan of Reorganization, which includes the recapitalization of its loan servicing operation by Solar Servicing LLC, a wholly owned subsidiary of its prepetition lender, Forbright Bank.
The approved Plan of Reorganization paves the way for the Reorganization Transaction, expected to close in the coming weeks pending customary conditions. Under this plan, Solar Servicing will assume responsibility for loan servicing for Mosaic’s existing portfolio of loans, ensuring the continuity of operations. Importantly, the agreement stipulates no changes to payment terms or schedules for existing borrowers.
Don Cole, Chief Executive Officer at Forbright Bank, expressed enthusiasm for the acquisition, stating, “We look forward to bringing on the experienced team from Mosaic as we see tremendous opportunity to grow the business and deliver exceptional and innovative solutions to customers nationwide.” Forbright Bank is an FDIC-insured commercial lender focused on sustainable and innovative financing solutions across various sectors.
As the Reorganization Transaction proceeds, Mosaic continues to manage its loan servicing operations, facilitating borrower payments and remitting collections to loan owners. The company is also addressing its open installer pipeline processing. Founded in 2010, Mosaic has been a pioneer in clean energy lending, providing financing for solar, battery storage, and other sustainable home improvements, having funded $15 billion in loans to over 500,000 households.
