Posigen

Market position

PosiGen positioned itself as a solar provider for lower-income communities, an underserved segment of the US residential solar market. It joined SunPower, Sunnova and Mosaic Solar among US home solar companies that entered bankruptcy in 2025 amid high interest rates, tariffs and the withdrawal of federal policy incentives; Wood Mackenzie cut its US residential solar growth outlook from 9% annual growth through 2030 to a decline of as much as 46% over the same period following passage of the One Big Beautiful Bill Act.

Focus on households excluded from conventional rooftop solar financing, using alternative underwriting based on cell phone, utility and auto loan payment history rather than credit scores, a no-upfront-cost lease, and the pairing of energy-efficiency retrofits with solar installations under a public benefit corporation and B Corp structure.

Technology

Rooftop residential photovoltaic systems combined with home energy-efficiency retrofits, plus system monitoring and maintenance services; battery assets were also part of the asset base pledged as collateral. Post-wind-down, monitoring and maintenance of the former portfolio is handled by solar asset manager Omnidian.

Go-to-market

Direct residential sales and installation with a no-upfront-cost lease and a "no credit check" pledge, supported by channel partners and by public-purpose lenders such as the Connecticut Green Bank and DC Green Bank; the company also marketed its mission-driven positioning as a public benefit corporation and Certified B Corporation.

Low- and moderate-income and working-class homeowners, including customers unable to qualify with national solar companies due to income or credit score requirements; underwriting used cell phone, utility and auto loan payment records instead of credit checks.

Geography

Headquartered in Metairie, Louisiana, with roots in New Orleans; operations spanned more than a dozen US states (case materials cite 15 states), including Louisiana, New York, Connecticut and the District of Columbia market via DC Green Bank financing.

History

Founded in New Orleans in 2011, PosiGen expanded its solar and energy-efficiency business across Louisiana, New York and Connecticut and later into more than a dozen states, becoming a public benefit corporation and Certified B Corporation. It raised equity from impact and venture investors and, from 2023, roughly $600 million in debt financing from Brookfield Asset Management, including another $200 million by late 2024. It engaged restructuring advisers by September 2025, missed a July 31, 2025 interest payment on the Brookfield-backed Backleverage facility, faced a default notice and acceleration in August 2025, laid off most of its workforce on August 24, 2025, and filed Chapter 11 on November 24, 2025. The court confirmed a liquidating plan on February 24, 2026, effective February 26, 2026.

Risks & controversies

PosiGen entered Chapter 11 with about $121 million of secured funded debt, roughly $90.7 million of unsecured funded debt, approximately $600 million under a non-debtor Backleverage facility, $32.8 million under a Connecticut Green Bank second-lien facility and $6.6 million under a DC Green Bank third-lien facility, plus about $19 million owed to channel partners and $25 million of vendor payables. Advisers reported that roughly 7,200 projects had at one point been recorded as sold to more than one entity without cancelling the earlier transfer, and that lease revenues from multiple project companies were pooled in a single KeyBank account and used to fund operating accounts despite tighter segregation in financing documents. Connecticut Green Bank's trustee motion alleged double pledging, unauthorized asset sales, commingling, unauthorized Brookfield borrowing while insolvent and misrepresentations to the district court, and List Government Receivables Fund alleged bridge-loan proceeds were pushed into a general operating fund; these were allegations, not adjudicated findings, and no Chapter 11 trustee was appointed. Separately, Connecticut Green Bank sued Brookfield, alleging its control over PosiGen's affairs jeopardized restructuring; Brookfield sought dismissal. Business risks included dependence on federal tax credits, the phase-out of incentives, the termination of the $7 billion Solar for All program, tariffs and high interest rates.