NEW FINANCIAL PARTNERSHIP FUELS POSIGEN'S MISSION TO PROVIDE SOLAR AND ENERGY EFFICIENCY TO UNDERSERVED COMMUNITIES

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May 15, 2023, 08:12 ET

NEW ORLEANS, May 15, 2023 /PRNewswire/ -- PosiGen, the nation's leading provider of renewable energy and efficiency solutions for low- and moderate-income families, is pleased to announce a new back-leverage debt facility structured by a direct lending infrastructure fund managed by Brookfield Asset Management ("Brookfield"). This $250 million funding commitment represents a significant increase in the capital committed to support PosiGen's future asset growth, fueling the company's expansion into additional markets nationwide, with a direct focus on serving households with high energy burdens who stand to benefit the most from transitioning to clean energy. Through its unique business model, PosiGen works to close the clean energy affordability gap by making solar and energy efficiency available to all homeowners regardless of income. To date, more than 25,000 PosiGen customers enjoy lower utility bills combined with the benefits of clean energy.

"This new partnership with Brookfield will allow PosiGen to help even more underserved communities by making solar and energy efficiency available to households traditionally unable to access these benefits," says Thomas Neyhart, CEO of PosiGen. "We're grateful to the team at Brookfield for recognizing not just the sizable market opportunity associated with expanding the landscape of customers we can serve, but also – in a deeper sense – for supporting our mission to create energy independence for all."

"Brookfield invests with an eye towards long-term value," says Hadley Peer Marshall, Managing Partner and co-head of Brookfield's infrastructure debt business. "We look at this facility for PosiGen as the building block of a partnership, one in which we will have the opportunity to support the company as PosiGen continues to deliver high-quality projects and meaningful savings."

PosiGen will put this funding to work in new states and communities prioritized under last year's Inflation Reduction Act, including in particular Energy Communities and Low-Income Communities, as part of PosiGen's Solar for All mission. "Deploying clean energy is no longer enough," Neyhart says. "It's clear that for us to meet our climate goals as a nation and create an inclusive economy, we need to focus our efforts on clean energy jobs and equitable access to these technologies that provide savings to those who need it most."

The nation's first statewide green bank is also renewing its commitment to PosiGen through this new facility. The Connecticut Green Bank is a longtime financial supporter of PosiGen's growth, and this ongoing partnership continues to demonstrate the critical role that state energy finance institutions play in accelerating the deployment of clean energy and making it accessible to everyone.

"Our partnership with PosiGen began in 2015 when an RFP to support low- and moderate-income homeowners was launched, bringing PosiGen to Connecticut," says Bryan Garcia, President and CEO of the Connecticut Green Bank. "The successful public-private partnership Solar for All helped increase solar deployment in LMI communities by 320% between 2015 and 2020. PosiGen continues to run campaigns in underserved communities helping those with the highest energy burden access solar and energy efficiency to reduce their costs."

About PosiGen:
PosiGen is the nation's leading residential solar and energy efficiency provider for low-to-moderate income homeowners. Headquartered in Louisiana since its founding in 2011, PosiGen has served more than 25,000 residential customers in California, Connecticut, Louisiana, Mississippi, New Jersey, New York, Pennsylvania, Maryland, Massachusetts, and Washington D.C.. The PosiGen family has more than 600 direct employees and supports more than 150 contract workers. PosiGen's Partner Program, which helps value-aligned partners offer PosiGen's best-in-class lease product, has helped 2,000+ homeowners go solar since its inception in 2021. PosiGen stays true to its mission to make solar energy affordable for homeowners of all income levels, while helping customers achieve greater fiscal autonomy and energy independence through lower utility bills. Learn more about PosiGen's Solar for All mission at www.PosiGen.com.

Media contact: Amy Barrios, [email protected]

SOURCE PosiGen Solar Energy and Energy Efficiency