New Financial Relationship Supports Growth of Nation's Leading Provider of Low-Income Residential Solar
NEW ORLEANS and NEW YORK, March 5, 2020 /PRNewswire/ -- PosiGen announced today a new debt facility originated by the Ares Infrastructure and Power team and provided by Ares-managed funds and accounts. Along with the Connecticut Green Bank, the combined $100-million facility will increase PosiGen's ability to provide solar systems and energy efficiency upgrades to low-to-moderate income homeowners in Connecticut and New Jersey, while also building upon the company's success in its home state of Louisiana. Additionally, this debt facility will provide support for PosiGen's anticipated expansion into new states, including Illinois, Mississippi, Nevada, and California.
Through its unique business model, PosiGen works to close the clean energy affordability gap by making solar and energy efficiency available to all homeowners regardless of income. To date, more than 15,000 PosiGen customers enjoy lower utility bills combined with the benefits of clean energy. "This new facility will allow PosiGen to help even more families by making solar available to households traditionally unable to access its benefits," says Thomas Neyhart, CEO of PosiGen. "This relationship with Ares is a wonderful fit. They have impressive experience in the renewables market. Ares understands and appreciates our mission to create energy independence."
"PosiGen is leading the way for energy affordability across America and we are pleased that our integrated team was able to provide a flexible and creative financing solution for their continued growth," added Keith Derman, Partner and Co-Head of Ares Infrastructure and Power. "Distributed generation is an important component of the evolving energy landscape, and the residential solar space will continue to be a growth engine for renewables and decarbonization."
In addition to the Connecticut Green Bank, the nation's first green bank, both Inclusive Prosperity Capital, a not-for-profit clean energy investment fund sparked by the Connecticut Green Bank, and New Island Capital, a San Francisco investment firm with a renewable energy focus, have renewed their commitment to PosiGen through the new facility.
PLEXUS Solutions provided diligence support and will continue to provide ongoing monitoring support to the transaction. PLEXUS is a boutique firm providing financial advisory, consulting and asset management services to a variety of clients in industries spanning sustainability, energy, power and storage service.
About PosiGen
Headquartered in New Orleans, LA, PosiGen is one of the nation's leading residential solar, energy efficiency and energy education providers for low-to-moderate income families. PosiGen has more than 15,000 residential customers, over 220 direct employees and supports more than 120 employees through its contractors in Louisiana, Connecticut, New Jersey and Florida. 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.
About Ares Management Corporation
Ares Management Corporation is a leading global alternative investment manager operating three integrated businesses across Credit, Private Equity and Real Estate. Ares Management's investment groups collaborate to deliver innovative investment solutions and consistent and attractive investment returns for fund investors throughout market cycles. Ares Management's global platform had $149 billion of assets under management as of December 31, 2019 and employs approximately 1,200 employees in over 20 offices in more than 10 countries. Please visit www.aresmgmt.com for additional information.
About Ares Infrastructure and Power
Ares Infrastructure and Power seeks to provide flexible capital for cash-generating assets across the climate infrastructure, natural gas generation, and energy transportation sectors. Ares Infrastructure and Power leverages a broadly skilled and cohesive team of 24 investment professionals with deep domain experience and has deployed over $8.5 billion of capital across more than 150 investments in 200+ different infrastructure and power assets and companies, as of December 31, 2019.
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SOURCE PosiGen
