Venture Capital: Solar Provider Nexamp Raises $680M In Equity And Debt

https://dailyalts.com/wp-content/uploads/2021/08/Monson-Solar-sm.jpg

Nexamp also offers a Community Solar solution to homes that can’t afford rooftop solar panels.

Nexamp, which offers solar and energy storage solutions for a decarbonized future, has raised a $240 million equity investment led by Generate Capital. In March, it closed on a $440 million senior secured credit facility for a 380-megawatt portfolio of solar and energy storage assets, the largest debt financing of its kind. The $680 million fundraising will enhance Nexamp’s ability to offer a range of decarbonization options. (CISION PRNewswire)

With about 1 Gigawatt of solar and energy storage assets operating and under construction, Nexamp serves 40,000 customers across 10 states. Customers do not undergo credit checks, nor do they lock into long-term contracts.

Nexamp CEO Zaid Ashai said consumers now wanted more options to reduce their environmental footprint with more control over their costs.

“We have enjoyed unprecedented growth over the past year, and this investment gives us resources to maintain our momentum,” said Nexamp CFO Peter Tawczynski.

Indeed, the COVID-19 pandemic had little impact on Nexamp’s revenues, so strong was the demand for renewable energy.

Community solar

“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,” Ashai added.

Nexamp’s community solar program dismantles the most common hurdles faced in solar – up-front capital investment, sign-on fees, credit checks or roof access.

The company has emerged as the largest owner-operator of community solar assets across the renewable energy sector’s fastest growing markets.

Use of funds

Nexamp will use the funding to expand into new markets and grow its team.

Earlier this month, Walmart (NYSE: WMT) contracted with Nexamp as an anchor tenant to support 129 Megawatts of community solar projects, in one of the biggest deals of its kind.

Walmart is subscribing to a share of each of 23 Nexamp solar farms across New York and will receive energy credits equivalent to approximately 50 Megawatts of the entire portfolio.

Related Story:  Aurora Solar Scores $250M Series D                                                

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2022/01/Bink-app-shot.png
FinTech: Lloyds To Acquire Stake In Loyalty App Bink
January 4, 2022     FinTech, News

Lloyds Banking Group (LON: LLOY), Britain’s biggest mortgage provider, will acquire a minority stake in loyalty app Bink, according to a report by Sky News for an undisclosed amount that…

https://dailyalts.com/wp-content/uploads/2022/01/Screenshot-2022-01-04-at-22-29-49-Screenshot-Pawson-2.png
Digital Assets: Coinbase CEO Armstrong Said To Have Splurged $133M On Home In LA
January 4, 2022     Digital Assets, News, Real Estate

An iconic property in Bel Air, Los Angeles, designed by internationally acclaimed English architect John Pawson changed hands last month for $133 million and the buyer was Coinbase (NASDAQ: COIN)…

https://dailyalts.com/wp-content/uploads/2022/01/47752022922_e4569a2f0e_c.jpg
Alternative Investments/ESG: VegTech Invest Launches Plant-Based Innovation & Climate ETF

VegTech Invest advisory has launched the VegTech Plant-based Innovation & Climate ETF (Ticker: EATV), its first financial product. The ETF offers exposure to publicly traded companies actively innovating with plants…

https://dailyalts.com/wp-content/uploads/2022/01/Screenshot-2022-01-04-at-18-48-26-超·世界.png
Venture Capital: Chinese AI Startup Parametrix Raises $100M, Turns Unicorn
January 4, 2022     Artificial Intelligence, News, Venture Capital

Chinese AI company Parametrix.ai has raised $100 million in a Series B round led by Sequoia China and joined by existing investors 5Y Capital and Gaorong Capital. Though the valuation…