Months after providing PosiGen Solar Solutions with a working capital loan, Goldman Sachs, through its Urban Investment Group, has now made an equity investment in the Louisiana-based company to allow PosiGen to continue its explosive growth.
PosiGen Solar Solutions is a solar photovoltaic system, energy efficiency retrofit and energy education provider that has more than 7,500 customers and directly employs approximately 185 people in Louisiana, Connecticut, Florida and New York.
This latest investment is critical to the continued growth of PosiGen as it continues to expand into more states, now serving low- to- moderate income families in Louisiana, New York, Connecticut and Florida. PosiGen's unique value proposition of Make Power – Save Power and focus on the low-and-moderate income customers bring savings to those families who need it the most. Pairing solar production with energy efficiency upgrades substantially increases the savings over traditional solar only programs.
Thomas Neyhart, CEO of PosiGen, said:
"We are thrilled to be bolstering our partnership with the leading financial services firm in the country. Having Goldman Sachs as an equity partner will facilitate our aggressive national market expansion and allow us to increase the positive economic impact we are making in economically distressed communities."
Aaron Dirks, Chairman of the Board for PosiGen, said:
"Our unique model of low cost solar panel leases combined with energy efficiency upgrades makes clean energy available to households who spend up to 20 times a month more of their household income on their utility bills than traditional solar customers. This investment will enable us to reach even more needy families who will benefit from the savings the PosiGen solar and energy efficiency solution provides."
Margaret Anadu, managing director in the Urban Investment Group at Goldman Sachs, said:
"We're proud to continue working with PosiGen as they enable low-and moderate-income homeowners to take advantage of renewable energy. Goldman Sachs has a longstanding commitment to environmental sustainability and we recently expanded our goal to deploy $150 billion of capital globally. This program will not only save money for those in economically distressed communities and reduce greenhouse emissions, but will also create good paying jobs for residents from those communities."
With Goldman Sachs as one of its primary financing partners, PosiGen's customer base has increased to over 7,500 customers. The partnership has led to over 7,000 completed installations in four states resulting in the reduction of 46,000 tons of greenhouse emissions which is equivalent to the greenhouse gas emissions produced by a passenger vehicle driving 99.4 million miles and more than 40 megawatts of installed capacity in just over three years. Moreover, PosiGen's current customers will collectively reduce their utility costs by approximately 9.5 million dollars annually.