Nexamp bags US$520 million for US community solar pipeline and expansion

Facebook
Twitter
LinkedIn
Reddit
Email
Nexamp has secured a significant capital raise that will drive expansion into new market. Image: Nexamp

US community solar developer Nexamp has raised US$520 million to expand its operations into new markets and execute its existing project pipeline.

The money was secured in a capital raise led by Manulife Investment Management, and will support

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Nexamp said in a statement that the size of the capital raise “reflects… the essential need to balance utility-scale infrastructure with reliable distributed power solutions in navigating the clean energy transition”.

Nexamp CEO Zaid Ashai added: “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 democratising access to clean, affordable energy solutions for every American.”

In summer 2023, the company secured US$400 million in debt and equity financing, intended to support 250MW of community solar and storage projects. The capacity is spread across 49 projects in predominantly rural communities in the states of Maine, Maryland, Massachusetts, New York, Minnesota, and Illinois.

Moreover, in September Nexamp signed a framework supply deal with Canadian-headquartered solar manufacturer Heliene for 1.5GW of US-made modules. At the time, Ashai said a community solar supply deal of this size was “without precedent”.

The community solar sector in the US is attracting big names in terms of financing. Retail giant Walmart – the largest retailer in the world – announced investment into 15 community solar projects across the US last month. The combined capacity of these projects is around 72MW.

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.
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.
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.
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.

Read Next

June 30, 2025
Voting on the US tax reconciliation bill is expected to begin in the Senate today, following a draft published on Friday that hit clean energy tax credits hard.
June 30, 2025
US clean energy developer Clearway Energy Group has received corporate credit facilities over US$1 billion.
June 30, 2025
Australian module manufacturer Tindo Solar has secured a 30MW solar module supply agreement to power Australia's first "net zero pipeline”.
June 27, 2025
Renewables investment platform Nexwell Power has signed a round of power purchase agreements (PPAs) with “one of the largest” US tech companies for solar PV capacity to be built in Spain.
June 27, 2025
Statkraft has signed PPAs with Better Energy to purchase energy from two solar power plants in Poland with a total capacity of 64GWh.
June 27, 2025
Solar developer Lightsource bp has signed a power purchase agreement (PPA) with a subsidiary of Taiwanese energy firm HD Renewable Energy (HDRE).

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico