Apricus Generation acquires controlling stake in Nexus Renewables, bolstering solar and energy storage development
Apricus Generation has completed its acquisition of a controlling stake in Nexus Renewables, marking a significant move in the renewable energy sector. This deal not only emphasizes Apricus Generation’s commitment to becoming a leading developer and operator of solar and energy storage technologies but also enhances Nexus Renewables’ capacity to scale its projects effectively.
Company Backgrounds and Deal Impact:
Founded in 2020, Nexus Renewables has rapidly progressed, raising over USD 75 million through equity and debt financings and developing over 500 megawatts (MW) of solar and energy storage projects across North America. The company has a robust presence in the market, dealing extensively with developers, utilities, the commercial and industrial sector, and global financial institutions. The investment by Apricus Generation will significantly bolster Nexus’ in-house capabilities and strategic market positioning during the ongoing energy transition.
Keith Sandor, CEO of Nexus Renewables, expressed his optimism about the acquisition, highlighting the pivotal role of Apricus’ founders in scaling businesses and their profound experience in corporate governance and capital markets. “This transaction marks a watershed moment in our company’s history,” Sandor remarked, underscoring the management team’s enthusiasm for their new growth phase with Apricus.
Ravi Thuraisingham, CEO of Apricus Generation, noted the broad market opportunities spurred by the energy transition, which involve various entities from well-capitalized utilities to independent developers. “Apricus’ investment will enable Nexus to effectively position itself as a solution provider and consolidator for this underserved market segment,” Thuraisingham added.
Strategic Goals and Future Outlook:
The partnership aims to harness the collective expertise of both companies to advance early-stage projects to generation through efficient capital allocation. Gautam Chandra, executive chairman and co-founder of Apricus Generation, praised the Nexus team’s accomplishments and their alignment with Apricus’ strategic goals.
The acquisition by Apricus Generation not only amplifies its platform but also sets a robust foundation for Nexus Renewables to leverage its development projects. As both entities embark on this collaborative venture, the renewable energy landscape is poised for transformative growth and innovation.