Developer Nexamp has closed a US$340 million private placement debt refinancing for a portfolio of distributed solar and energy storage projects in the US.
The portfolio covers 39 solar farms across seven US states and a combined 150MW of solar PV capacity, while the energy storage portfolio consists of 37MWh capacity. The funds will be used over the next three years to support solar PV and storage projects across several US states.
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The financing was secured with global asset manager PGIM’s private credit business unit PGIM Private Capital (PPC). As part of the transaction, a US$107 million PPC Shelf Facility gives Nexamp the flexibility to tap additional capital for future solar projects, according to the company.
Zaid Ashai, CEO of Nexamp, said: “This financing provides long-term stability and ensures we remain focused on advancing the energy transition with sustainable, reliable, and cost-effective solutions.”
Although no details regarding the technology to be used for the construction of that portfolio were provided, the company secured a module supply agreement with US solar cell and module manufacturer Silfab in December 2024 for an undisclosed capacity amount.
Nexamp currently has a portfolio of more than 1GW of renewable energy assets either operational or under construction.
Last year, the company secured one of the largest venture capital deals made in 2024, with a US$520 million capital raise led by asset manager Manulife Investment Management.
