PosiGen, a residential solar and energy efficiency solutions provider, secured a $12 million loan. ImpactAssets partnered with Connecticut Green Bank and Inclusive Prosperity Capital to provide the loan.

The $12 million loan is expected to help in unlocking tax credits under the new federal Investment Tax Credit adders.

“This bridge loan is essential in advancing our vision and scaling PosiGen’s impact during this interim period,” said PosiGen CEO Ben Healey. “By partnering with ImpactAssets, Connecticut Green Bank, and Inclusive Prosperity, we are better equipped to empower more families with clean energy solutions that reduce their energy burdens, build energy resilience, and address the urgent climate challenges we all face together.”

“In Connecticut, through the Solar for All partnership, nearly 5,000 low-income families have been able to lessen the crushing impact of inflation and save millions on their utility bills in the face of rising energy costs,” said Bert Hunter, Executive Vice President, and Chief Financial Officer at Connecticut Green Bank.

As per the press release, PosiGen has completed more than 25,000 solar energy systems and 20,000 energy efficiency upgrades for nearly 22,000 families, as of March 2023.

“We are pleased to see community-centered approaches to climate solutions gain traction not only among impact investors and philanthropists but also in private companies like PosiGen and even in the federal government, where initiatives like the Environmental Protection Agency’s Greenhouse Gas Reduction Fund are embedding equity and justice considerations. The climate emergency demands a broad, unified approach that marries climate action to community empowerment,” said Dana Cotter, Managing Director of Impact at ImpactAssets.

According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, Solar debt financing activity in 1H 2023 reached $8 billion in 33 deals, a 60% increase compared to 1H 2022, when $5 billion was raised in 30 deals.