Nexamp to expand national renewable energy pipeline with $520m investment boost
In a significant move for the renewable energy sector, Nexamp, renowned as a leading independent renewable energy provider and the premier community solar developer and owner in the nation, has successfully secured a remarkable $520 million in capital. This financial milestone was achieved through a funding round spearheaded by Manulife Investment Management, with notable contributions from existing investors Diamond Generating Corporation and Generate Capital. This infusion of capital is set to catalyze Nexamp’s initiatives to rapidly deploy its extensive national project pipeline, broaden its developer partnerships in both new and existing markets, and enhance its portfolio of generation and consumer-centric offerings.
The scale of this investment underscores the escalating demand for renewable energy across the United States and signals a robust confidence within the investment community. It highlights the critical necessity of integrating utility-scale infrastructure with dependable distributed power solutions to navigate the clean energy transition effectively. With community solar burgeoning as the fastest-growing segment within the industry, this investment unequivocally affirms Nexamp’s dominant stance in the swiftly evolving market sector.
Nexamp stands out for its comprehensive management of the solar asset lifecycle, encompassing development, engineering, operations, and customer acquisition and engagement. This holistic approach has enabled the company to facilitate local access to clean energy and generate quality employment opportunities within the communities it serves.
“This landmark financing comes at a pivotal moment in the evolution of America’s energy economy,” stated Nexamp CEO Zaid Ashai. He emphasized the critical role of community solar in making clean, affordable energy solutions accessible to every American. The investment reflects a growing trust in independent renewable energy providers like Nexamp to innovate and transform traditional infrastructure for a sustainable grid future.
Further propelling Nexamp’s growth, the company has expanded significantly, driven by the momentum of the Inflation Reduction Act (IRA) and heightened market demand. Recent strategic moves include establishing a second national headquarters in Chicago and announcing over $2 billion in local renewable energy infrastructure investments in Illinois. A noteworthy partnership with North American solar manufacturer Heliene was also launched, securing access to 1.5 GW of domestically sourced modules for deployment across the country.
Currently serving nearly 80,000 customers with a generating capacity exceeding 1.5 gigawatts, Nexamp is positioned to power over 300,000 households. With additional gigawatts of project capacity under development, the company is on a trajectory to potentially serve over one million customers in the foreseeable future.
Supporting voices from the investment community underscore the value of Nexamp’s endeavors. “We believe in community solar, and Nexamp has built an exceptional platform to meet the moment,” remarked Pradeep Killamsetty, Managing Director at Manulife Investment Management. Similar sentiments were shared by Scott Jacobs, CEO and Co-Founder of Generate Capital, and Shuhei Kurosawa, CEO of Diamond Generating Corporation, highlighting the importance of rapid deployment of clean energy solutions and Nexamp’s leading role in the distributed energy revolution in the U.S.
BofA Securities played a pivotal role as the exclusive placement agent for Nexamp, facilitating this monumental financial achievement.