PosiGen Secures Third Funding Commitment from Brookfield Asset Management
PR Newswire
NEW ORLEANS, Dec. 19, 2024
Brookfield provides additional $200 million to support PosiGen's growth, drive projects across expanding markets
NEW ORLEANS, Dec. 19, 2024 /PRNewswire/ -- PosiGen, PBC, the nation's leading provider of renewable energy and energy efficiency solutions for underserved communities and a Certified B Corporation, today announced that Brookfield Asset Management (Brookfield), through its high-yield infrastructure debt platform, has expanded its funding commitment with an additional $200 million investment.
Brookfield has committed $600 million to support PosiGen's deployment of rooftop solar since 2023, playing a key role in PosiGen's strategic growth as it has expanded into new markets. This round of funding will support new projects, including origination driven by both PosiGen's direct sales engine and those coming through its growing channel partner platform.
"We're proud to deepen our partnership with Brookfield as we continue to prioritize delivering savings to homeowners in underserved communities," said Peter Shaper, CEO of PosiGen. "Together, we are proving that our unique business model can be both profitable and a driver of positive social impact."
By eliminating traditional barriers to going solar like credit score requirements and income thresholds, PosiGen ensures that the financial benefit and reduced energy burden delivered by clean energy solutions are accessible to homeowners who have historically been excluded from the market.
"Our mission is to bring meaningful savings and solar energy to all," said Ben Healey, President, Capital Markets and Strategy of PosiGen. "Brookfield's ongoing support enables us to execute that mission in a way that will make a greater impact in the communities we serve."
"We are excited to further this partnership as PosiGen continues to demonstrate an exceptional ability to deliver for their customers," said Hadley Peer Marshall, co-head of Brookfield's infrastructure debt and structured solutions businesses. "This additional investment reflects our confidence in the company's proven business model and their capacity to scale successfully."
About PosiGen
PosiGen, with a mission to make solar energy affordable for homeowners of all income levels, is the leading solar and energy efficiency provider focused on providing savings to underserved communities. Since its founding in 2011, PosiGen has offered innovative "no credit check" financing that makes its services accessible for all families regardless of socioeconomic status, helping them reduce their utility bills and achieve greater financial autonomy. PosiGen has more than 750 employees and has served nearly 30,000 customers in more than a dozen states. Through the expanding PosiGen Partner Program, a network of value-aligned solar service providers, the company supports hundreds more solar jobs across the country. Learn more about PosiGen's Solar For All mission at www.posigen.com.
About Brookfield Asset Management
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with over $1 trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy.
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SOURCE PosiGen
(END) Dow Jones Newswires
December 19, 2024 10:00 ET (15:00 GMT)
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