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