Wilson Sonsini Goodrich & Rosati advised PosiGen on the deal. Kirkland & Ellis counseled Magnetar Capital.
PosiGen, the nation’s leading provider of renewable energy and efficiency solutions for low-to-moderate income (LMI) households, announced the close of a $100 million preferred equity financing. Magnetar Capital’s Energy & Infrastructure group was the lead investor in the financing and will nominate two new directors to join PosiGen’s board of directors. Existing PosiGen investors, including Emerson Collective, Irradiant Partners, Activate Capital, The Builders Fund, SJF Ventures, and The Kresge Foundation, also participated in the financing.
The transaction provides significant growth capital for PosiGen to accelerate its efforts to close the clean energy affordability gap for LMI homeowners by delivering lower-cost utility bills and the environmental benefits of clean energy through residential solar, storage, and energy efficiency upgrades. PosiGen has served over 19,000 customers to date, with approximately 50 percent of that in communities of color, and is now positioned to rapidly scale. The company’s mission is to make solar available to everyone, regardless of income or credit score. The growth capital will provide momentum to PosiGen’s expansion efforts, fuel development across new states, and support investments in the company’s core technology infrastructure.
The Wilson Sonsini team included Bob O’Connor (Picture), Piper Miles-Coccaro, Sarah Won, David Wayne, Kristy Strohm, Brandon Gantus, and Gregory Hughes.
The Kirkland team was led by corporate partner Bill Benitez and associates Mark Kunzman and Soheil Ebadat; tax partners Mark Dundon and Michael Masri; and capital markets partner Matt Pacey.
Involved fees earner: William Benitez – Kirkland & Ellis; Mark Dundon – Kirkland & Ellis; Soheil Ebadat – Kirkland & Ellis; Mark Kunzman – Kirkland & Ellis; Michael Masri – Kirkland & Ellis; Matthew Pacey – Kirkland & Ellis; Brandon Gantus – Wilson Sonsini Goodrich & Rosati; Piper Miles-Coccaro – Wilson Sonsini Goodrich & Rosati; Robert O’Connor – Wilson Sonsini Goodrich & Rosati; Sarah won – Wilson Sonsini Goodrich & Rosati; David Wayne – Wilson Sonsini Goodrich & Rosati;