Brookfield Asset Management鈥檚 infrastructure debt fund has increased its investment in US renewable energy and energy efficiency solutions provider PosiGen by $150m (鈧�138m), bringing the total commitment to $400m.
PosiGen said the direct lending infrastructure fund managed by Brookfield has expanded its funding commitment following an initial investment in 2023.
Founded in 2011, PosiGen has nearly 30,000 solar systems installed, generating over 645m kWh of clean energy. The additional investment will provide PosiGen with working capital to expand the business.
Hadley Peer Marshall, managing partner and co-head of Brookfield鈥檚 infrastructure debt and structured solutions businesses, said: 鈥淲ith the increase of our commitment we look to advance PosiGen鈥檚 growth in delivering solar and meaningful savings to more households in the US.
鈥淭his partnership is a great example of our strategy to invest in high-quality infrastructure businesses that are leading the way in energy transition.鈥�
Peter Shaper, CEO of PosiGen, said: 鈥淏rookfield鈥檚 support for meaningfully upsizing its financial commitment so quickly is a testament to the strength of our business model and shows that doing good for communities is good business.
鈥淲ith this growing partnership secured, we can continue to scale our business and give more customers the opportunity to achieve energy savings and benefit from our unique savings guarantee without regard to FICO score or income thresholds.鈥�
Thomas Neyhart, founder and executive chairman of PosiGen鈥檚 board of directors, said: 鈥淪olar for all is more than a statement, it鈥檚 the guiding principle on which this organisation was founded.
鈥淲e are grateful for partners like Brookfield who help us advance our mission to make solar accessible for every person, particularly those in underserved communities.鈥�
Connecticut Green Bank also renewed its commitment to PosiGen.
Bryan Garcia, president and CEO of the Connecticut Green Bank, said: 鈥淚n Connecticut, we have seen thousands of families benefiting from solar and energy efficiency upgrades to their homes through PosiGen鈥檚 dedication to Solar for All.
鈥淭he continued investment from Brookfield is an endorsement of their commitment to this proven concept and will help PosiGen create more jobs and more savings in our underserved communities.鈥�
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