PosiGen, Forbright Bank Sign $140 Mn Lending Partnership
PosiGen, Inc., and Forbright Bank, a financial institution recently rebranded from Congressional Bank and committed to accelerating the clean energy transition, announced a new $140 million lending relationship.
October 11, 2021. By News Bureau
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.
“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.
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