January 23, 2019

PosiGen's $90M credit facility means more solar in CT

Photo | Contributed
Photo | Contributed
Rooftop solar panels.

PosiGen, a New Orlean-based solar provider, said it has secured a new $90 million credit line that will help it continue its work leasing solar panels to low-and-moderate-income households in Connecticut.

The Connecticut Green Bank first formed a "Solar For All" partnership with the company in 2015.

PosiGen's new three-year credit facility comes from New York-based asset manager LibreMax Capital, which has $5.7 billion in assets under management and specializes in structured products, as well as from the Green Bank and a newly spun-out nonprofit, Inclusive Prosperity Capital.

The Green Bank said Wednesday that LibreMax is providing $70 million, the Green Bank is providing $15 million and IPC is providing $5 million.

PosiGen has leased solar systems and provided efficiency to 13,000 homeowners in Connecticut and three others states. The company said the new credit facility will allow it to nearly double that number.

PosiGen has closed 2,041 projects in Connecticut so far.

This story has been updated to include additional details about the credit facility

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