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Ares Infrastructure and Power Supports Growth of Provider of Low-Income Residential Solar Power

March 06, 2020, 09:00 AM
Filed Under: Energy

PosiGen announced 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.

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