Solar and energy storage developer Nexamp has secured US$240 million in new capital led by an equity investment from Generate Capital.
It follows a raise of $440 million in debt financing earlier this year, with the finance intended to accelerate Nexamp’s ability to offer a flexible range of decarbonisation options for customers, expanding its position as a leading clean energy solutions provider.
The agreement is also intended to fund a portfolio spanning five US states and consisting of almost 100 community solar projects, alongside energy storage capacity totalling 120MWh.
Currently, it provides clean energy access to approximately 40,000 customers across 10 states, offering discounts on green energy of up to 20% with no credit checks or long-term contracts.
Nexamp has nearly 1GW of solar and energy storage assets operating and under construction.
Zaid Ashai, CEO at Nexamp, said: “This funding represents a show of confidence in our team and vision, and we are committed to continuing to provide solutions to address surging clean energy demand.”
The new funding comes on the heels of Nexamp’s recent agreement with Walmart to subscribe to 23 of Nexamp’s New York community solar farms.
Peter Tawczynski, CFO at Nexamp, added: “We have enjoyed unprecedented growth over the past year, and this investment gives us resources to maintain our momentum, creating the foundation for a more equitable clean energy future.”