Months after providing PosiGen Solar Solutions with a working capital loan, Goldman Sachs, through its Urban Investment Group, has now made an equity investment in the Louisiana-based company to allow PosiGen to continue its explosive growth.
What or who is PosiGen? Well, the company is focused on providing solar production and energy efficiency upgrades to low-and-moderate income customers, versus just providing solar. The solar it is providing is made available through the ever-popular leasing model that avoids the up-front sticker shock that keeps the low- and moderate-income buyers at bay.
This latest investment is critical to the continued growth of PosiGen as it continues to expand into more states, now serving families in Louisiana, New York, Connecticut and Florida.
“We are thrilled to be bolstering our partnership with the leading financial services firm in the country,” said Thomas Neyhart, CEO of PosiGen. “Having Goldman Sachs as an equity partner will facilitate our aggressive national market expansion and allow us to increase the positive economic impact we are making in economically distressed communities.”
With Goldman Sachs as one of its primary financing partners, PosiGen’s customer base has increased to over 7,500 customers. The partnership has led to over 7,000 completed installations in four states and more than 40 MW of installed capacity in just over three years.
“Our unique model of low cost solar panel leases combined with energy efficiency upgrades makes clean energy available to households who spend up to 20 times a month more of their household income on their utility bills than traditional solar customers,” said Aaron Dirks, Chairman of the Board for PosiGen. “This investment will enable us to reach even more needy families who will benefit from the savings the PosiGen solar and energy efficiency solution provides.”
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