Financial Partnership Secures Growth of Nation's Leading Low-Income Residential Solar Provider

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Jan 23, 2019, 08:07 ET

NEW ORLEANS, Jan. 23, 2019 /PRNewswire/ -- PosiGen, the nation's leading provider of renewable energy and efficiency solutions for low-to-moderate income households, is pleased to announce a credit facility structured and provided by LibreMax Capital, a New York based asset management firm, in conjunction with the Connecticut Green Bank, the nation's first green bank, and Inclusive Prosperity Capital, a new not-for-profit clean energy investment fund sparked by the Connecticut Green Bank. The three-year, $90 million credit facility will allow PosiGen to continue to lease solar systems and provide energy efficiency upgrades to low-to-moderate income homeowners in Louisiana, Connecticut, New York and New Jersey. It also enables the company to expand its footprint into additional markets and states.

To date, 13,000 homeowners across the country are already enjoying lower utility bills and the benefits of clean energy thanks to PosiGen solar panels and energy efficiency upgrades. This new credit facility will nearly double that number of homeowner access over the next three years. According to Thomas Neyhart, CEO of PosiGen, "This partnership is really a game-changer for PosiGen as we work to reduce the energy cost burden experienced by low-to-moderate income families across the country. We have enjoyed a successful partnership with the Connecticut Green Bank for many years, and now adding LibreMax Capital as a new financial partner is not only exciting, but it allows us to confidently continue our mission of helping families who need it the most."

LibreMax Capital believes in PosiGen's industry-leading, low-cost model and is pleased to help with the company's expansion. Luke Doramus, LibreMax Capital Co-Head of Trading said, "PosiGen's distinct business model serves a large and currently underserved market with strong economics and growth. We are thrilled that with our help PosiGen will be able to help even more deserving families by sustainably lowering utility costs."

PosiGen and the Connecticut Green Bank have worked together for the past four years to close the clean energy affordability gap by making solar and energy efficiency available to all homeowners regardless of income. Bryan Garcia, President and CEO of the Connecticut Green Bank said, "Just as PosiGen helps homeowners in Connecticut reduce the burden of energy costs through clean energy, we want homeowners in every state to have access to affordable solar and energy efficiency while creating jobs in their communities and reducing greenhouse gas emissions that are causing global climate change. Partnering with LibreMax on this innovative funding facility for PosiGen is another example of how the Green Bank attracts more private capital where it's needed most."

Kerry O'Neill, CEO of Inclusive Prosperity Capital adds, "We're delighted to continue to grow the relationship with PosiGen. Their ability to reach households traditionally unable to access the benefits of solar really makes them a perfect partner for scaling energy savings, economic development and environmental benefits in communities across the country."

About PosiGen:

Headquartered in New Orleans, LA, PosiGen is one of the nation's leading residential solar, energy efficiency and energy education providers for low-to-moderate income families. PosiGen has more than 13,000 residential customers, over 220 direct employees and supports more than 120 employees through its contractors in Louisiana, Connecticut, New Jersey and Florida. PosiGen's unique services and products make solar energy affordable to homeowners of all income levels, and offer individuals, families and businesses the opportunity to achieve greater fiscal autonomy and energy independence by lowering their utility bills. To learn everything about PosiGen, please visit www.posigen.com.

Contact: Amy Barrios, (504) 621-5646, [email protected]

SOURCE PosiGen