PosiGen closes USD-100m equity funding round

Rooftop solar array. Featured Image: Ralf Gosch/Shutterstock.com

January 6 (Renewables Now) - US residential solar and energy efficiency solutions provider PosiGen LLC has raised USD 100 million (EUR 88.5m) in a preferred equity financing round that will help it expand its business.

The energy and infrastructure arm of Illinois-based hedge fund Magnetar Capital was the lead investor in the deal, securing the right to nominate two directors to PosiGen’s board, PosiGen said on Wednesday. Among the other investors are Emerson Collective, Irradiant Partners, Activate Capital, The Builders Fund, SJF Ventures and The Kresge Foundation.

The fresh funds will enable PosiGen to grow its market share in the low-and moderate-income (LMI) residential solar segment and extend its services across new states. The New Orleans-based company is a developer of solar arrays, storage and energy efficiency solutions. It has contractors in Louisiana, Mississippi, Connecticut, New Jersey, Pennsylvania, New York and Florida, and more than 19,000 customers to date.

"The opportunity to scale PosiGen's operations into many underserved markets in the United States is significant," said Eric Scheyer, head of Energy and Infrastructure at Magnetar.

Independent investment bank Marathon Capital served as PosiGen's exclusive financial advisor for the transaction.

(USD 1.0 = EUR 0.885)

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