Mosaic most likely experienced a similar liquidity crunch as it was unable to sell its portfolios of solar loans at the volume and price required to raise enough capital for new loans, Osha said. In a Monday analyst note, he highlighted that Mosaic had also “failed to make the transition from solar loans to third-party ownership” as interest rates climbed, making loans more expensive options compared to leases or power purchase agreements.
Molchanov emphasized that “financing is at the center of how this industry has historically functioned.” The companies in question built their businesses during the 2010s, when the country had historically…