PosiGen, a residential solar and energy efficiency provider for low-to-moderate income families (LMI), nailed down a new debt facility that, along with the Connecticut Green Bank, means a combined $100-million facility to provide solar systems and energy efficiency upgrades to LMI homeowners in Connecticut and New Jersey. The debit facility was originated by the Ares Infrastructure and Power team and provided by Ares-managed funds and accounts.
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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. PosiGen already has more than 15,000 residential customers among its contractors in Louisiana, Connecticut, New Jersey and Florida. This debt facility will provide support for PosiGen’s anticipated expansion into new states, including Illinois, Mississippi, Nevada, and California.
“This new facility will allow PosiGen to help even more families by making solar available to households traditionally unable to access its benefits,” says Thomas Neyhart, CEO of PosiGen. “This relationship with Ares is a wonderful fit. They have impressive experience in the renewables market. Ares understands and appreciates our mission to create energy independence.”
“PosiGen is leading the way for energy affordability across America and we are pleased that our integrated team was able to provide a flexible and creative financing solution for their continued growth,” added Keith Derman, Partner and Co-Head of Ares Infrastructure and Power. “Distributed generation is an important component of the evolving energy landscape, and the residential solar space will continue to be a growth engine for renewables and decarbonization.”
In addition to the Connecticut Green Bank, the nation’s first green bank, both Inclusive Prosperity Capital, a not-for-profit clean energy investment fund sparked by the Connecticut Green Bank, and New Island Capital, a San Francisco investment firm with a renewable energy focus, have renewed their commitment to PosiGen through the new facility.