Distributed solar and energy storage solutions developer and operator Nexamp announced that it has secured $680 million in financing, aiming to fund the company’s expansion of decarbonization and clean energy solutions.
The funds raised include a $240 million equity investment led by sustainable infrastructure-focused Generate Capital, in addition to a recent $440 million senior secured credit facility.
Nexamp CEO Zaid Ashai said:
“It’s clear that consumers want more options for reducing their environmental footprint, they want more control over their costs and they care about working with a trusted partner across their many sustainability efforts. 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. With our track record and momentum in community solar, we have built a foundation for numerous additional opportunities to expand our customers’ access to clean energy and sustainable solutions.”
Nexamp currently as over 300 MW of renewable energy generating assets in operation, providing clean energy access to approximately 40,000 customers across 10 states, with additional assets under construction to bring its portfolio to nearly 1 gigawatt of solar and energy storage. Earlier this month, the company announced an agreement with Walmart for a share of 23 Nexamp solar farms across New York, providing energy credits for its stores and distribution centers in the state.
Nexamp stated that the new funding will expand its capabilities, extending clean energy savings and other benefits to more markets, and enable the company to continue expanding its team to develop additional retail solutions aimed at helping consumers and businesses make better energy decisions and reduce their carbon impact.
The investment from Generate follows that company’s own recent completion of a $2 billion equity raise aiming to scale its investments in sustainable infrastructure and climate solutions.
Scott Jacobs, Chief Executive and co-founder of Generate, said:
“We’re thrilled to be partnering with Nexamp on this next phase of growth to reach our shared goals of delivering affordable, flexible decarbonization solutions to the market. Nexamp’s innovative approach to clean energy, strong leadership team and impressive track record is speeding up the democratization of energy—a critical piece in the urgent climate solutions puzzle.”