PosiGen Solar Solutions, which is based in Louisiana and recently opened a Bridgeport office at 345 Huntington Turnpike, has completed two financing deals ”“ one of which is with the Goldman Sachs Urban Investment Group ”“ that the company calls “critical to the continued growth of solar technology” and its community-based approach to solar installations.
The twin investments were pegged at $40 million, without further specifics.
“This is a vote of confidence for our business model and the growth potential of solar,” said Thomas Neyhart, CEO of PosiGen, in a statement. “The upside for PosiGen is that we can expand the market and do good for our communities and our environment.
“Goldman Sachs recognized that our unique model of low-cost solar panel leases combined with energy efficiency upgrades and energy education is attractive to market segments that normally can”™t access solar,” he said.
In a second deal, in July, PosiGen announced it had acquired financing for the installation of up to 2,000 systems in unspecified locations, potentially reducing utility costs by approximately $2.7 million annually.
PosiGen bills itself as Louisiana”™s largest solar provider with three offices in the state, including its Metairie headquarters. Besides Bridgeport, it also recently opened an office in Albany, N.Y. It employs 165 total, according to a statement, and to date has more than 4,000 customers.
Established in 2001, the Goldman Sachs Urban Investment Group invests “to help transform distressed communities into sustainable and vibrant neighborhoods of choice and opportunity.” It has to date committed more than $3 billion of Goldman Sachs capital, according to a company statement.
