TLDR:
- Nexamp, a U.S. community solar developer, has raised $520 million to accelerate its growth and expansion into new markets.
- The financing will be used to deploy renewable energy and storage capacity to meet the increasing demand for clean energy solutions.
Founded in 2007, Nexamp focuses on the deployment and operation of solar energy assets with capabilities across the solar project life cycle. The company currently serves nearly 80,000 customers and maintains a portfolio of over 1.5 gigawatts of generating and in-construction capacity. The new investment reflects the surge in demand for renewable power and investor appreciation for balancing utility-scale infrastructure with distributed power solutions. Nexamp has gigawatts of project capacity in development over 20 markets, and the new capital will be used to expedite deployment, accelerate expansion, and fuel growth. The investment was led by Manulife Investment Management alongside existing investors Diamond Generating Corporation and Generate Capital.
The company’s CEO, Zaid Ashai, emphasized the importance of community solar in democratizing access to clean, affordable energy solutions for Americans. Nexamp plans to use the funds to further expand its community reach and execute growth plans for a cleaner future. The financing comes at a pivotal moment in the energy economy evolution, showcasing confidence in renewable energy providers to reshape the grid. Nexamp’s focus on accelerating its growth and expansion in the renewable energy sector highlights the growing importance of sustainable and clean energy solutions in today’s market.
