Clean energy company Nexamp has secured US$400 million in debt and equity financing to develop up to 250MW of community solar and storage projects across the US.

The project portfolio constitutes 49 sites spread across predominantly rural communities in Maine, Maryland, Massachusetts, New York, Minnesota, and Illinois. The precise breakdown of projects, as well as a timeframe, was not given.

Try Premium for just $1

Full premium access for the first month at only $1
Converts to an annual rate after 30 days unless cancelled
Cancel anytime during the trial period

Start $1 Trial

Premium Benefits

Expert industry analysis and interviews
Digital access to PV Tech Power journal
Exclusive event discounts

Or get the full Premium subscription right away

Get Premium Subscription

Or continue reading this article for free

Get Basic (FREE) Subscription

Financing was led by US Bancorp Impact Finance and Mitsubishi UFJ Finance Group.

Nexamp CEO Zaid Ashai said: “In order for the US to overcome its reliance on fossil fuels and an outdated power grid, we must invest in affordable and sustainable clean energy solutions that are accessible to all Americans, no matter where they live.”

The company directly cited the Inflation Reduction Act (IRA) in its announcement of the financing, having benefited from the bill’s investment tax credit for clean energy resources. Earlier this year, the Treasury released guidance on the additional credits for renewable resources in rural, underserved and traditionally fossil fuel-producing communities.

In April, an attempt was launched to drastically dial back the IRA. Renewable energy businesses denounced the move.

Community solar is on the rise in the US. Last month renewable energy equipment supplier Aggreko announced financing for a 500MW community solar portfolio in partnership with the Farmers Powering Communities initiative. PV Tech Premium recently spoke with Lightstar Renewables about their US community solar plans and the challenges that face the sector, including lack of grid availability.

Community solar developer Summit Ridge signed a deal with PV manufacturer Qcells in April for 1.2GW of modules to supply its community projects in the US.

UPCOMING EVENT

PV CellTech USA 2025

7 October 2025

San Francisco Bay Area, USA

PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.

UPCOMING EVENT

Solar & Storage Finance USA 2025

21 October 2025

New York, USA

Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.

UPCOMING EVENT

Large Scale Solar Central Eastern Europe 2025

25 November 2025

Warsaw, Poland

Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

UPCOMING EVENT

PV ModuleTech USA 2026

16 June 2026

Napa, USA

PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.