Apricus Generation, a new holding company designed to build a national distributed solar and battery development platform and Independent Power Producer (IPP), has announced its maiden acquisition since its launch in April 2024.
It has acquired a controlling stake in Toronto-based solar and energy storage projects developer and IPP, Nexus Renewables.
Nexus' current portfolio comprises over 500 MW capacity across North America. These projects are at various stages of construction and development.
For Nexus, having Apricus as its majority stakeholder will help the team with access to capital and allow them to execute on their pipeline.
"Nexus Renewables has a proven development and IPP model with a significant pipeline and a team of talented professionals that can rapidly and efficiently capture the market opportunity," said the Founder and CEO of Nexus Renewables, Keith Sandor.
As per its business model, Apricus buys a controlling interest in proven solar and storage developers, provides them capital to grow the pipeline and generate notice-to-proceed (NTP) ready projects. Development partners then keep building the pipeline to ensure long-term ownership.
At its launch, Apricus closed an initial $28 million Series A funding with a total offering of $100 million in process to close over the next few months. It plans to deploy initial funding to acquire developers, partner with them and provide strategic management expertise to advance projects through construction, financing and operation.