Community Solar

Nexamp raises $520M for community solar portfolio

Nexamp raises $520M for community solar portfolio
A Nexamp community solar farm (Credit: Nexamp)

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

The company said it will leverage the investment to expedite deployment of its national project pipeline, accelerate expansion and developer partnerships in new and existing markets, and fuel the continued growth of its generation offerings.

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“This landmark financing comes at a pivotal moment in the evolution of America’s energy economy, and underscores the indispensable role of community solar in democratizing access to clean, affordable energy solutions for every American,” said Nexamp CEO Zaid Ashai. “This unprecedented investment reflects swelling confidence in the ability of independent renewable energy providers to reimagine outmoded infrastructure and reshape our grid. Nexamp is committed to deep collaboration with communities across the nation in building a more sustainable future for us all.”

Nexamp has expanded its reach over the past year, which it attributes to momentum from the Inflation Reduction Act (IRA) and increased demand. In January, the company announced a second national headquarters in Chicago, and more than $2 billion in planned investments into local renewable energy infrastructure in Illinois. Additionally, in 2023, Nexamp launched a strategic partnership with North American solar manufacturer Heliene, gaining access to 1.5 GW of domestically sourced modules that will be deployed on hundreds of community solar projects.

The company currently serves nearly 80,000 customers and maintains a portfolio of over 1.5 GW of generating and in-construction capacity. The company has several GW of additional project capacity in development across over 20 markets.

“Our longstanding partnership with Nexamp has been a remarkable success, and we see an even greater market opportunity ahead,” said Diamond Generating Corporation CEO Shuhei Kurosawa. “As the ever-increasing demand for cleaner power accelerates the industry’s growth, we share in Nexamp’s commitment to meet the opportunity with best-in-class solutions for customers in every market.”

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