CHEVY CHASE, Md .– (BUSINESS WIRE) –PosiGen, Inc., a leading provider of solar leasing and energy efficiency for residential buildings for low- to middle-income communities and color communities, and Forbright Bank, a financial institution recently renamed Congressional Bank and committed to accelerating the clean energy transition, today announced a new $ 140 million loan relationship. This partnership will greatly expand PosiGen’s ability to provide clean energy and significant cost savings to families in historically underserved areas.
PosiGen offers affordable, low-cost solar panel leases and energy efficiency upgrades to low to middle income residents, offers cleaner electricity and instant savings on utility bills. This partnership with Forbright will significantly increase PosiGen’s available capital base and enable the company to reach more customers in its current markets of Louisiana, New York, Connecticut, New Jersey and Florida, as well as expand into new regions including California, Illinois , Nevada and Pennsylvania.
Forbright, backed by industry leaders and former government officials, is committed to devoting half of its assets to funding companies, investors, operators and innovators – like PosiGen – that drive sustainability and the transition to a low-carbon economy.
“PosiGen couldn’t be more pleased to partner with Forbright Bank on this transaction, ”said Tom Neyhart, CEO of PosiGen. “The Forbright team not only shares our values, but also understands the positive cycle of what we offer our customers – if you treat LMI households with respect, sensibly reduce their energy load and enable them to be energy independent through a combined solar and energy efficiency solution, they are great long term customers. With Forbright and its credit partners offering PosiGen significant growth opportunities and on terms that reflect the excellence of our portfolio to date, we look forward to building on our current 18,000+ strong client base and expanding our offering to working families in communities across the nation . ”
“At Forbright, we believe that sustainability-focused banking is good for our customers, our business and society. Partnering with a mission-driven company like PosiGen will help enable a more inclusive transition to a clean energy economy by providing affordable low-carbon solutions as well as instant monthly energy savings to thousands of low-to-middle-income households in the States, “said Kenny Elias , President of Specialty Lending at Forbright.
“This partnership is an example of the role Forbright can play in the global effort to build a net-zero economy, “added John Delaney, Founder and Executive Chairman of Forbright.Promoting access to renewable energy for low to middle income consumers is both equitable and critical to our economy and society as a whole. We are excited to support companies like PosiGen who share our goals for sustainability and equitable access to clean energy technologies that are necessary to decarbonize our world. ”
Forbright acted as First Lien Administrative Agent and Lender, and WebBank and Amalgamated Bank acted as First Lien Lenders on the transaction. Connecticut Green Bank acted as Second Lien Administrative Agent and Lender and was supported by several credit partners.
“It’s great to see PosiGen continue to expand its role in underserved communities across the country, “said Bryan Garcia, President and CEO of Connecticut Green Bank. “Our successful partnership with PosiGen has helped Connecticut become a “Solar with Justice” state, meaning that low- and middle-income families and colored communities have equal access to the savings that solar and energy efficiency offer. ”
“By working with Forbright, WebBank and Connecticut Green Bank, we can build on PosiGen’s critical work to bring clean energy to communities, ”said Brenda Loya, Amalgamated Bank’s first vice president of social impact lending.
Headquartered in New Orleans, LA, PosiGen is the nation’s leading provider of solar, energy efficiency, and energy education facilities for low- to middle-income families. PosiGen has more than 18,000 retail customers, over 270 direct employees, and supports more than 120 employees through its contractors in Louisiana, Connecticut, New Jersey, New York, and Florida. PosiGen’s unique services and products make solar energy affordable for homeowners of all income levels, offering individuals, families and businesses the opportunity to achieve greater tax autonomy, energy independence and lower their electricity bills. To find out all about PosiGen, please visit www.posigen.com.
About the Forbright Bank:
Forbright Bank (www.forbrightbank.com), renamed Congressional Bank, a member of FDIC, is a full-service bank, commercial lender and asset manager headquartered in Chevy Chase, Maryland dedicated to accelerating the transition to a sustainable, clean one. has prescribed energy industry by funding the companies, investors and innovators who are driving this change. With over $ 4.5 billion in owned and managed assets, the bank offers specialized credit and banking services to its customers in the United States. The Sustainable Finance, Healthcare and Specialty Lending businesses offer nationwide credit products, including bespoke real estate loans, working capital, storage lines of credit and forward sales agreements. The bank offers real estate loans, mortgage loans and other business loans to companies and individuals through its Community Bank division, as well as sophisticated and competitive deposit products that include deposits in connection with decarbonisation and sustainability-oriented loans.
Member of the FDIC as a congress bank. The Congressional Bank is an equal housing provider and grants loans regardless of race, skin color, religion, national origin, gender, disability or marital status.