California-based Mosaic Solar Investments LLC has launched a ‘crowd-sourced’ investment program to fund a 12.27 MW distributed solar installation on Joint Base McGuire-Dix-Lakehurst, a combined U.S. Air Force, Army and Navy base in New Jersey.
The installation is expected to involve 55,189 Long Energy photovoltaic panels with SMA inverters. The solar panels will be mounted on the rooftops of 547 homes, providing 30% of the electricity needs of the U.S. service members and their families on the base. The project is being financed through a partnership with CIT.
Mosaic says investors in this project will be paid through a power purchase agreement with United Communities, the housing developer managing the project. Investors can expect a net return at a variable rate of the London Interbank Offered Rate (LIBOR) plus 2.25% annually for the first four years, rising to 1 month LIBOR plus 2.50% for the final three years of the seven-year term.