NEW YORK, April 21, 2021 /PRNewswire/ -- Mizzen Capital, LP ("Mizzen"), a private credit fund, is pleased to announce its investment in PosiGen, LLC. ("PosiGen"). Mizzen led the financing, providing $8 million of a $24 million term loan for working capital to PosiGen to accelerate their growth in providing energy efficiency upgrades and solar power to low and moderate income homeowners. Stonehenge Capital and Reinvestment Fund each provided $8 million.
Tom Neyhart, CEO of PosiGen said, "PosiGen is a company devoted to creating good jobs in underserved communities, to enabling equitable access to clean energy, and to making a meaningful difference in the lives of the families we serve. We couldn't be more pleased to have these three organizations help us advance those goals in a sustainable and scalable fashion now and well into the future."
Liddy Karter, a Managing Partner at Mizzen said, "The PosiGen team and our co-lenders applied an extraordinary level of cooperation and creativity to support PosiGen's growth while ensuring a good outcome for PosiGen and for our investors."
PosiGen is based in New Orleans, LA and operates primarily in Louisiana, Connecticut and New Jersey. PosiGen Inc. is a residential solar developer and asset manager for low to moderate income households. Over 17,000 systems are installed to date. Customers save an average of $500+ annually on utility electric and fuel bills with no money down.
About Mizzen Capital
Mizzen Capital is a New York based, women owned, SBIC, credit fund providing loans to U.S. based lower middle market businesses primarily in manufacturing, business and healthcare services, IT and software, and alternative energy that are socially responsible and sustainable. Mizzen invests in both sponsored and owner managed companies for working capital, growth, recapitalizations, and acquisitions. Further information is available at www.mizzencapital.com
About Reinvestment Fund
Reinvestment Fund is a mission-driven financial institution committed to making communities work for all people. We bring financial and analytical tools to partnerships that work to ensure that everyone has access to essential opportunities: affordable places to live, access to nutritious food and health care, schools where their children can flourish, and strong, local businesses that support jobs. We use data to understand markets, communities, and impediments to opportunity—and how investment and policy decisions can have the most powerful impact. Since our inception in 1985, Reinvestment Fund has provided over $2.4 billion in financing to strengthen neighborhoods, scale social enterprises, and build resilient communities. Further information is available at www.reinvestment.com
About Stonehenge Capital
Stonehenge Capital is a thought leader in investment capital, producing strong returns for investors and impactful social returns for communities. Stonehenge provides transformational capital where it is most needed, delivering a variety of debt and equity financings to spur economic growth across the country. Stonehenge's loan to PosiGen was made through the Stonehenge Community Impact Fund LP, an SBIC credit fund focused on low and moderate income communities. Further information is available at www.stonehengecapital.com