Nexamp, a leading independent renewable energy provider and the nation’s largest community solar developer and owner announced that it had secured $520 million in a capital raise led by Manulife Investment Management and existing investors Diamond Generating and Generate Capital. And the company will utilize the investment to expedite the deployment of its national project pipeline, accelerate expansion and developer partnerships in new and existing markets, and drive the growth of its generation and consumer-driven offerings.
The funding reflects the surge in demand for renewable power nationwide and the growing appreciation within the investor community for the essential need to balance utility-scale infrastructure with reliable distributed power solutions to navigate the clean energy transition. Community solar has become the industry’s fastest-growing segment, and this funding recognizes Nexamp’s leading position in the rapidly maturing market sector.
By overseeing all the levels of the solar asset lifecycle—from development and engineering to operations and customer acquisition and engagement—Nexamp has successfully utilized a unique and comprehensive business model to deliver local access to clean energy and high-quality jobs in the communities it serves.
Propelled by the Inflation Reduction Act (IRA) momentum and 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 over $2 billion in planned investments into local renewable energy infrastructure in Illinois. And in 2023, Nexamp launched a strategic partnership with Heliene, gaining access to 1.5 GW of domestically sourced modules that will be deployed on hundreds of community solar projects located coast to coast.
The company currently serves about 80,000 customers and maintains a portfolio of over 1.5 gigawatts of generating and in-construction capacity capable of powering over 300,000 households. It also has several gigawatts of additional project capacity in development across over 20 markets, with the combined potential to power over one million customers in the coming years.
BofA Securities served as the exclusive placement agent to Nexamp.
KEY QUOTES:
“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. 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.”
– Nexamp CEO Zaid Ashai
“We believe in community solar, and Nexamp has built an exceptional platform to meet the moment. We are proud to support the Nexamp team in their efforts to further expand their community reach and execute on their growth plans for a cleaner future.”
– Pradeep Killamsetty, Managing Director at Manulife Investment Management
“The infrastructure transition relies on the rapid deployment of proven technology solutions and Generate is proud of its track record in cultivating and investing in the companies that are developing, building, and operating clean energy projects at scale. Nexamp has been at the forefront of a distributed energy revolution in the United States, and we’re thrilled to expand our partnership.”
– Generate Capital CEO and Co-Founder Scott Jacobs
“Our longstanding partnership with Nexamp has been a remarkable success, and we see an even greater market opportunity ahead. As the ever-increasing demand for cleaner power accelerates the industry’s growth, we share in Nexamp’s commitment to meet the opportunity with best-in-class solutions for customers in every market.”
– Diamond Generating Corporation CEO Shuhei Kurosawa
