$140 million lending relationship will enable expansion of residential solar leases and energy efficient upgrades to low-to-moderate income families
CHEVY CHASE, Md.–(BUSINESS WIRE)–PosiGen, Inc., a leading residential solar leasing and energy efficiency provider to low-to-moderate income communities and communities of color, and Forbright Bank, a financial institution recently rebranded from Congressional Bank and committed to accelerating the clean energy transition, today announced a new $140 million lending relationship. This partnership will significantly expand PosiGen’s ability to bring clean energy, as well as substantial cost savings, to families in historically underserved areas.
PosiGen provides affordable, no-money-down home solar panel leases and energy efficiency upgrades to low-to-moderate income residents, offering cleaner electricity and immediate savings on utility bills. This partnership with Forbright will considerably grow PosiGen’s available capital base and enable the company to reach more customers in its currently-served markets of Louisiana, New York, Connecticut, New Jersey, and Florida and also expand into new regions, including California, Illinois, Nevada, and Pennsylvania.
Forbright, which is backed by industry leaders and former government officials, has committed to dedicating half of its assets to financing the companies, investors, operators, and innovators – like PosiGen – driving sustainability and the shift to a low-carbon economy.
“PosiGen couldn’t be more pleased to partner with Forbright Bank on this transaction,” stated Tom Neyhart, PosiGen’s CEO. “The Forbright team not only shares our values, but they understand the virtuous cycle of what we offer our customers – when you treat LMI households with respect, reduce the energy burdens they face in a meaningful way, and allow them to achieve energy independence through a combined solar and energy efficiency solution, they are great long-term customers. With Forbright and its lending partners providing PosiGen with significant runway for growth, and on terms that reflect the excellent performance of our portfolio to date, we look forward to building on our current 18,000+ strong customer base and expanding our offering to working families in communities across the nation.”
“At Forbright, we believe that banking with a sustainability focus is good for our customers, our business, and society. Partnering with a mission-aligned company like PosiGen will help enable a more inclusive transition to a clean energy economy by opening affordable low-carbon solutions, as well as immediate monthly energy savings, to thousands of low-to-moderate income households across the United States,” said Kenny Elias, President of Specialty Lending at Forbright.
“This partnership is an example of the role Forbright can play in the worldwide effort to build the net-zero economy,” added John Delaney, Forbright’s founder and Executive Chairman. “Supporting the ability of low-to-moderate income consumers to access renewable energy is both just and critical to our economy and society as a whole. We are delighted to support firms like PosiGen that share our goals around sustainability and equitable access to the clean energy technologies needed to decarbonize our world.”
Forbright acted as First Lien Administrative Agent and Lender and was joined by WebBank and Amalgamated Bank as First Lien Lenders in the transaction. The Connecticut Green Bank acted as Second Lien Administrative Agent and Lender and was joined by several lending partners.
“It’s great to see PosiGen continuing to expand their role in underserved communities across the country,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “Our successful partnership with PosiGen has helped Connecticut become a ‘solar with justice’ state, which means that low- and moderate-income families and communities of color have equal access to the savings solar and energy efficiency provide.”
“By teaming up with Forbright, WebBank, and the Connecticut Green Bank, we are able to expand on the critical work PosiGen is doing to bring clean energy into communities,” said Brenda Loya, First Vice President of Social Impact Lending at Amalgamated Bank.
Headquartered in New Orleans, LA, PosiGen is the nation’s leading residential solar, energy efficiency, and energy education provider for low-to-moderate income families. PosiGen has more than 18,000 residential 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 to homeowners of all income levels, and offer individuals, families, and businesses the opportunity to achieve greater fiscal autonomy and energy independence lowering their utility bills. To learn everything about PosiGen, please visit www.posigen.com.
About Forbright Bank:
Forbright Bank (www.forbrightbank.com), rebranded from Congressional Bank, Member FDIC, is a full-service bank, commercial lender, and asset manager headquartered in Chevy Chase, Maryland, that is committed to accelerating the transition to a sustainable, clean energy economy by financing the companies, investors, and innovators driving that change. With over $4.5 billion of owned and managed assets, the Bank provides specialty lending and banking services to clients across the United States. Its Sustainable Finance, Healthcare, and Specialty Lending divisions provide nationwide lending products, including customized real estate loans, working capital, warehouse lines of credit, and forward loan purchase agreements. The Bank provides real estate loans, mortgage loans, and other business loans, as well as sophisticated and competitive deposit products, which will include deposits linked to decarbonization- and sustainability-oriented loans, to businesses and individuals through its Community Bank division.
Member FDIC as Congressional Bank. Congressional Bank is an equal housing lender and makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status.