Nexamp Raises US$520 Million To Accelerate Community Solar Development
Nexamp, an independent renewable energy provider and the nation’s largest community solar developer and owner, announced that it has secured US$520 million in a capital raise led by Manulife Investment Management, alongside existing investors Diamond Generating Corporation and Generate Capital. The company will leverage the investment to expedite deployment of its national project pipeline, accelerate expansion and developer partnerships in new and existing markets, and fuel the continued growth of its generation and consumer-driven offerings.
Nexamp said that the scale of the investment reflects the immense surge in demand for renewable power across the country and a growing appreciation within the investor community of the essential need to balance utility-scale infrastructure with reliable distributed power solutions in navigating the clean energy transition. Community solar has emerged as the industry’s fastest-growing segment. In overseeing every facet of the solar asset lifecycle — from development and engineering to operations and customer acquisition and engagement — Nexamp believes it has successfully leveraged a unique and comprehensive business model to deliver local access to clean energy and high-quality jobs in the communities it serves.
“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 democratizing access to clean, affordable energy solutions for every American,” said Nexamp Chief Executive Officer Zaid Ashai. “This unprecedented investment reflects swelling confidence in the ability of independent renewable energy providers to reimagine outmoded infrastructure and reshape our grid. Nexamp is committed to deep collaboration with communities across the nation in building a more sustainable future for us all.”
Propelled by the momentum of the Inflation Reduction Act (IRA) and by increased market and customer demand, Nexamp has significantly expanded its reach over the past year. In January, the company announced a second national headquarters in Chicago, and more than US$2 billion in planned investments into local renewable energy infrastructure in Illinois. Additionally, in 2023, Nexamp launched a strategic partnership with North American solar manufacturer Heliene, gaining access to 1.5 GW of domestically sourced modules that will be deployed on hundreds of community solar projects to be located coast to coast. The company currently serves nearly 80,000 customers and maintains a portfolio of more than 1.5 GW of generating and in-construction capacity capable of powering more than 300,000 households. The company has several gigawatts of additional project capacity in development across more than 20 markets, with the combined potential to power more than one million customers in the coming years.
