PosiGen announces second funding commitment from Brookfield Asset Management

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May 16, 2024, 08:00 ET

Second phase will increase total funding to $400 million as further commitment to providing clean energy to, and reducing energy burdens in, underserved communities

NEW ORLEANS, May 16, 2024 /PRNewswire/ -- PosiGen, PBC, the nation's leading provider of renewable energy and energy efficiency solutions for underserved communities and a certified Public Benefits Corporation (PBC), is pleased to announce that a direct lending infrastructure fund managed by Brookfield Asset Management (Brookfield) has expanded upon its funding commitment with an additional $150 million investment. Brookfield and PosiGen began working together in 2023. The investment, now totaling $400 million, strengthens the ability to bring savings and clean energy to more homeowners.

"Brookfield's support for meaningfully upsizing its financial commitment so quickly is a testament to the strength of our business model and shows that doing good for communities is good business," said Peter Shaper, CEO of PosiGen. "With this growing partnership secured, we can continue to scale our business and give more customers the opportunity to achieve energy savings and benefit from our unique savings guarantee without regard to FICO score or income thresholds."

Since its founding in 2011, PosiGen has installed nearly 30,000 solar systems, produced over 645,000,000 kWh of energy from solar panels and saved homeowners $65.9 million+ through solar and energy efficiency.

Through this additional investment, PosiGen will benefit from working capital that allows the organization to thoughtfully scale the business and bring savings and clean energy to more homeowners in underserved communities.

"We are delighted to extend our partnership with PosiGen," said Hadley Peer Marshall, Managing Partner, co-Head of Brookfield's infrastructure debt and structured solutions businesses. "With the increase of our commitment we look to advance PosiGen's growth in delivering solar and meaningful savings to more households in the U.S. This partnership is a great example of our strategy to invest in high-quality infrastructure businesses that are leading the way in energy transition."

Connecticut Green Bank, the nation's first statewide green bank, renewed its commitment to PosiGen. Bryan Garcia, President and CEO of the Connecticut Green Bank, said, "In Connecticut, we have seen thousands of families benefiting from solar and energy efficiency upgrades to their homes through PosiGen's dedication to Solar for All. The continued investment from Brookfield is an endorsement of their commitment to this proven concept and will help PosiGen create more jobs and more savings in our underserved communities."

"Solar for all is more than a statement, it's the guiding principle on which this organization was founded," said Thomas Neyhart, founder and Executive Chairman of PosiGen's board of directors. "We are grateful for partners like Brookfield who help us advance our mission to make solar accessible for every person, particularly those in underserved communities."

To learn more about PosiGen visit https://www.PosiGen.com/

About PosiGen
PosiGen, with a mission to make solar energy affordable for homeowners of all income levels, is the leading solar and energy efficiency provider focused on providing access to clean energy to underserved communities. Since its founding in 2011, PosiGen has offered innovative "no credit check" financing that makes its services accessible for all families regardless of socioeconomic status, helping them reduce their utility bills and achieve greater financial autonomy. PosiGen has more than 600 employees and has served nearly 30,000 customers in more than a dozen states. Through the expanding PosiGen Partner Program, a network of values-aligned solar service providers, the company supports hundreds of other solar jobs across the country. Learn more about PosiGen's Solar For All mission at www.posigen.com

SOURCE PosiGen, PBC