Mosaic, an online marketplace that connects investors to solar projects, says it fully subscribed its first solar investments available exclusively to residents of California, with $157,750 invested in less than six hours. The project was the first in the Golden State Series, a $100 million series of solar investments that securities regulators in California recently approved.
Mosaic's first project in the California series was a 114 kW solar project on the roof of the Ronald McDonald House in San Diego. The project offered a 4.5% estimated annual return to investors, Mosaic says.
In January, Mosaic launched its first return on investment solar projects to the public, selling out all three in less than 24 hours with over $300,000 invested. Since then, Mosaic has partnered with Standard & Poor's, DuPont and Distributed Sun, among others, as part of the truSolar working group to standardize risk assessment and develop a score similar to a credit rating for each solar project.