Monday, June 24, 2024

Funding agency boosts backing of New Orleans photo voltaic firm | Enterprise News


PosiGen, a New Orleans firm that focuses on promoting photo voltaic power programs to low-income households, introduced Thursday that a global firm has elevated its funding to $150 million.

That brings the full funding Brookfield Asset Management made with PosiGen final yr to $400 million. Brookfield is an funding agency with over $925 billion in belongings. The firm’s belongings embody business workplace buildings in New York, Toronto and Houston, a portfolio of hydroelectric, wind and photo voltaic belongings, and the Port of Los Angeles.

“They put their cash in a whole lot of totally different locations,” mentioned Benjamin Healey, president, capital markets and technique for PosiGen. “They see PosiGen as a rising firm that serves extra individuals than anybody else.”

PosiGen was based in 2011 and has put in practically 30,000 photo voltaic programs in 15 states. The enterprise provides no credit score test financing, making its companies obtainable to all households, even these with poor credit score scores. The firm says the installations have saved owners practically $66 million in utility prices.

The firm’s enterprise mannequin is dependent upon tax credit, which permit it to accomplice with banks or different monetary establishments to finance the set up of photo voltaic panels, that are rented to owners. The fundamental provide is a 20-year, no-money-down, no-increasing lease that requires no minimal credit score rating or earnings stage to qualify.

Brookfield’s funding will enable PosiGen to put in photo voltaic programs in 30,000 to 40,000 extra properties, Healey mentioned.

“At a time of nice uncertainty, we’re decreasing the month-to-month prices of working households,” he mentioned, one thing traders see as a great guess.

Connecticut Green Bank, the nation’s first statewide inexperienced financial institution, has renewed its dedication to PosiGen. A inexperienced financial institution is utilizing new financing with assist from the personal sector to speed up the transition to scrub power. The inexperienced financial institution’s help quantities to $25 million, which might be used to underwrite loans for photo voltaic installations.

Connecticut is PosiGen’s second largest market, behind Louisiana. The firm has about 6,000 prospects and 125 staff within the state, Healey mentioned.

PosiGen is on observe to put in 12,000 to 14,000 photo voltaic programs in properties this yr, which might symbolize a 40% to 47% improve over present numbers, Healey mentioned.

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