CHEVY CHASE, Maryland – (COMMERCIAL THREAD) –PosiGen, Inc., a leading provider of residential solar leasing and energy efficiency to low to moderate income communities and communities of color, and Forbright Bank, a financial institution recently renamed Congressional Bank and committed to accelerating the transition to clean energy, today announced a new $ 140 million loan relationship. This partnership will significantly expand PosiGen’s ability to bring clean energy, as well as substantial savings, to families in historically underserved areas.
PosiGen offers affordable, no-down home solar panel leases and energy efficiency upgrades to low to moderate income residents, providing cleaner electricity and immediate savings on utility bills. This partnership with Forbright will significantly increase PosiGen’s available capital base and allow 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 pledged to devote half of its assets to funding the companies, investors, operators and innovators – like PosiGen – who promote sustainability and the shift to a low carbon economy.
“PosiGen couldn’t be happier to partner with Forbright Bank on this transaction, ”said Tom Neyhart, CEO of PosiGen. “The Forbright team not only shares our values, but understands the virtuous circle of what we deliver to our customers – when you treat LMI households with respect, significantly reduce the energy loads they face and enable them to achieving energy independence through a combined energy and solar efficiency solution, these are major long-term customers. With Forbright and its lending partners providing PosiGen with an important growth avenue, and on terms that reflect the excellent performance of our portfolio to date, we look forward to building on our current strong customer base of over 18 000 and to extend our offer to families who work in the communities. Across the country.”
“At Forbright, we believe that sustainability banking 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 clean energy savings by opening up affordable low-carbon solutions, as well as immediate monthly energy savings, to thousands of dollars. low to moderate income households across the United States. United States, ”said Kenny Elias, president of specialty loans at Forbright.
“This partnership is an example of the role Forbright can play in the global effort to build the net zero economy, ”added John Delaney, Founder and Executive Chairman of Forbright. “Supporting the ability of low to moderate income consumers to access renewable energy is both fair and essential for our economy and society as a whole. We are excited to support companies like PosiGen who share our goals of sustainability and equitable access to the clean energy technologies needed to decarbonize our world. ”
Forbright acted as administrative agent and senior lender and was joined by WebBank and Amalgamated Bank as senior lenders in the transaction. Connecticut Green Bank acted as administrative agent and second-tier lender and was joined by several lending 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, which means low and moderate income families and communities of color have equal access to savings as solar power and efficiency. energy supply.
“By partnering with Forbright, WebBank and the Connecticut Green Bank, we are able to extend the essential work PosiGen does to bring clean energy to communities, ”said Brenda Loya, Senior Vice President of Loans at social impact at Amalgamated Bank.
Based in New Orleans, Louisiana, PosiGen is the nation’s leading provider of solar power, energy efficiency and energy education for low to moderate income families. PosiGen has more than 18,000 residential customers, more than 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 and offer individuals, families and businesses the opportunity to achieve greater fiscal and energy self-sufficiency by reducing their utility bills. public. To learn more about PosiGen, please visit www.posigen.com.
About Forbright Bank:
Forbright Bank (www.forbrightbank.com), renamed Congressional Bank, FDIC member, is a full-service bank, commercial lender and asset manager headquartered in Chevy Chase, Maryland, committed to accelerate the transition to a sustainable and clean energy economy by funding the companies, investors and innovators who drive this change. With more than $ 4.5 billion in assets owned and managed, the Bank provides specialized banking and credit services to clients across the United States. Its Sustainable Finance, Healthcare and Specialty Lending divisions offer nationwide lending products, including personalized home loans, working capital, warehouse lines of credit and term loan purchase contracts. The Bank provides real estate loans, mortgages and other business loans, as well as sophisticated and competitive deposit products, which will include deposits linked to decarbonization and sustainability-focused loans, to businesses and individuals through through its Community Bank division.
FDIC member as a Bank of Congress. Congressional Bank is an Equal Housing Lender and provides loans regardless of race, color, religion, national origin, gender, disability or family status.