Nexamp bags US$400 million for 250MW of US community solar

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A 7MW community solar project from Nexamp in New York. Image: Nexamp.

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.

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Nexamp CEO Zaid Ashai said: “In order for the US to overcome its reliance on fossil fuels and an outdated power grid, we must invest in affordable and sustainable clean energy solutions that are accessible to all Americans, no matter where they live.”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

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