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Investors Fuel Growth of PosiGen Solar Solutions
More Low Income Families to Benefit from Solar, Energy Savings
Goldman Sachs Urban Investment Group Commits to $40 Million in Financing
Other Investor Commits to Additional 2,000 Residential Solar Systems
New Orleans – In a move that will help more low-and moderate-income families benefit from utility bill savings offered by solar panels and energy efficiency retrofits, PosiGen Solar Solutions announced today the recent completion of two financing deals, one with the Goldman Sachs Urban Investment Group, that are critical to the continued growth of solar technology and the Louisiana-based company’s community-based approach.
"This is a vote of confidence for our business model and the growth potential of solar," said Thomas Neyhart, CEO of PosiGen. "The upside for PosiGen is that we can expand the market and do good for our communities and our environment. Goldman Sachs recognized that our unique model of low cost solar panel leases combined with energy efficiency upgrades and energy education is attractive to market segments that normally can’t access solar. This will create a win-win for everyone."
“Posigen has developed a comprehensive program that enables low-and moderate-income homeowners to take advantage of renewable energy, an area where Goldman Sachs has a longstanding commitment and a goal to deploy $40 billion of capital globally,” said Margaret Anadu, managing director in the Urban Investment Group at Goldman Sachs. “The energy cost savings generated for these families are incredibly important, allowing greater economic choice in addressing daily household needs. This investment also supports the Urban Investment Group’s focus on job creation as PosiGen will bring new, high-quality jobs to New York, Louisiana, and Connecticut communities.”
In July, another of PosiGen’s financing partners renewed its commitment to PosiGen’s customer base and the environment with an additional investment that will finance the installation of up to 2,000 systems. In just one year, these additional installations will offset greenhouse gas emissions equivalent to burning 60,000 tons of coal, or driving a car 260,000,000 miles. Moreover, the 2,000 families enrolled in the PosiGen program will collectively reduce their utility costs by approximately $2.7 million annually.
PosiGen is Louisiana’s largest solar provider, and the company recently opened offices in Connecticut and New York. Also, the company was recognized by the U.S. Chamber of Commerce as a 2014 Small Business of the Year and as a Patriotic Employer by the Secretary of Defense for hiring veterans.
Established in 2001, the Goldman Sachs Urban Investment Group (UIG) deploys capital to help transform distressed communities into sustainable and vibrant neighborhoods of choice and opportunity. UIG seeks double-bottom-line returns by providing flexible financing for community projects that respond to the needs of low- and moderate-income communities and support public sector priorities. Through its comprehensive platform, UIG has committed more than $3 billion of Goldman Sachs capital, catalyzing development across dozens of residential, mixed-use and commercial projects, and financing job creation and neighborhood revitalization strategies as well as social services, through the nation’s first social impact bonds. In 2013, UIG launched the Goldman Sachs Social Impact Fund, a first of its kind direct impact-investing vehicle, and manages the strategy on behalf of Goldman Sachs clients.
Headquartered in New Orleans, PosiGen Solar Solutions is a leading solar photovoltaic system, energy efficiency retrofit and energy education provider that has more than 4,000 customers and employs approximately 165 people in Louisiana, Connecticut and New York. PosiGen's unique services and products make solar energy affordable to homeowners of all income levels, and offers individuals, families and businesses the opportunity to achieve greater fiscal autonomy and energy independence by lowering their utility bills. To learn more about PosiGen, please visit www.posigen.com.