PosiGen secures USD-250m funding commitment from Brookfield

US residential solar and energy efficiency solutions provider PosiGen LLC said on Monday it has obtained a USD-250-million (EUR 230m) funding commitment from Brookfield Asset Management (TSE:BAM) to back its future asset growth.

The Louisiana-based company, which serves low- and moderate-income families, unveiled a new back-leverage debt facility structured by a direct lending infrastructure fund managed by Brookfield. It said that this significant increase in capital should help it expand into additional markets around the country to support communities prioritised under the Inflation Reduction Act (IRA).

At the same time, PosiGen's long-time financial supporter, Connecticut Green Bank, is renewing its commitment to the firm through this new facility, a press statement reads.

"This new partnership with Brookfield will allow PosiGen to help even more underserved communities by making solar and energy efficiency available to households traditionally unable to access these benefits," commented Thomas Neyhart, CEO of PosiGen.

The company says that more than 25,000 residential customers have benefited from its offerings to date.

(USD 1.0 = EUR 0.920)

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