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
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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.