PosiGen Solar Solutions has completed one out of a twin financing deal of $40 million with Goldman Sachs Urban Investment Group.
According to company officials this deal is necessary to the continued growth of solar technology and its community-based approach to solar installations.
PosiGen is based in Louisiana and has also opened a Bridgeport office at 345 Huntington Turnpike recently.
This is a vote of confidence for the business model and the growth potential of solar. The upside for PosiGen is that the market can be expanded and do good work for communities and environment, said, Thomas Neyhart, CEO, PosiGen.
In a release, the group cited PosiGen’s ability to generate energy cost savings for consumers and its potential to create jobs as reasons for the investment.
Goldman Sachs recognized that the 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, said, Neyhart.
In the second deal, PosiGen had acquired financing for the installation of up to 2,000 systems reducing utility costs by $2.7 million annually.
PosiGen is Louisiana’s largest solar provider. It employs 165 total, according to a statement, and to date has more than 4,000 customers.
The company expects to hire 35 new full-time employees and add at least three new states to its service area by the end of next year.
PosiGen sells solar panel systems directly to a bank partner. The bank then owns the systems and leases back to customers. The bank benefits from the tax credits, and PosiGen commits the services of the panels for a 20-year lease.
Established in 2001, the Goldman Sachs Urban Investment Group invests to transform distressed communities into sustainable and vibrant neighborhoods of choice and opportunity.