Nexamp secures $520 million for its community solar portfolio

Nexamp, a community solar developer and owner, announced securing $520 million in a capital raise led by Manulife Investment Management, alongside existing investors Diamond Generating Corporation and Generate Capital.

The company intends to accelerate deployment of its national project pipeline, expand developer partnerships, and fuel the continued growth of its generation offerings using this investment.

 Nexamp’s CEO, Zaid Ashai, emphasized the significance of this financing: “At this pivotal moment in America’s energy economy, community solar plays an indispensable role in democratizing access to clean, affordable energy solutions for every American.

This unprecedented investment reflects growing confidence in the ability of independent renewable energy providers to transform outdated infrastructure and reshape our grid. Nexamp is committed to collaborating with communities nationwide to build a more sustainable future.”

Nexamp’s recent expansion is attributed to momentum from the Inflation Reduction Act (IRA) and increased demand. In January, the company announced a second national headquarters in Chicago, with over $2 billion planned investments in local renewable energy infrastructure in Illinois.

Additionally, in 2023, Nexamp formed a strategic partnership with North American solar manufacturer Heliene, gaining access to 1.5 GW of domestically sourced modules deployed across hundreds of community solar projects.

Currently serving nearly 80,000 customers, Nexamp maintains a portfolio of over 1.5 GW of generating and in-construction capacity, with several additional GW of project capacity in development across 20 markets.

source: Nexamp

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