Investment firm increases support for New Orleans solar company | Business News

PosiGen, a New Orleans-based company specializing in marketing solar energy systems to lower-income households, has received a significant boost in investment from international firm Brookfield Asset Management. The firm has increased its investment by $150 million, bringing the total investment to $400 million over the past year.

Founded in 2011, PosiGen has already installed nearly 30,000 solar systems in 15 states, offering no credit check financing to make its services accessible to all households, regardless of credit scores. The company’s installations have saved homeowners nearly $66 million in utility costs.

The business model of PosiGen relies on tax credits to partner with financial institutions to fund solar panel installations, which are then leased to homeowners. With Brookfield’s investment, PosiGen plans to install solar systems in an additional 30,000 to 40,000 homes, providing relief to working families by lowering monthly expenses.

Connecticut Green Bank, the nation’s first statewide green bank, has also renewed its commitment to PosiGen, providing $25 million to underwrite loans for solar installations. Connecticut is PosiGen’s second-largest market, with about 6,000 customers and 125 employees in the state.

PosiGen is on track to install 12,000 to 14,000 solar systems on homes this year, representing a 40% to 47% increase over the current number. The company’s growth and impact on lowering working families’ expenses have attracted investors, making it a promising venture in the clean energy sector.