Nexamp Gets $680 Million Funding

US Solar IPP Nexamp Secures $680 Million Debt & Equity Financing To Expand Its Solar & Storage Business

Nexamp Gets $680 Million Funding

US solar IPP Nexamp has raised $680 million to be used to expand its solar & storage portfolio. This funding comes close on the heels of Nexamp’s recent agreement with Walmart to subscribe to 23 of Nexamp’s New York community solar farms. (Photo Credit: Nexamp)

  • Nexamp secures $240 million equity investment led by Generate Capital
  • Earlier, the company had raised $440 million in debt financing, bringing the total funding to $680 million
  • These funds will be used to further expand the efforts of the company to offer a flexible range of decarbonization options for customers
  • Nexamp today provides clean energy access to approximately 40,000 customers across 10 states in the US

Nexamp has secured a $240 million equity investment led by Generate Capital. This fund will be used to further expand the efforts of the US clean energy solutions provider to offer a flexible range of decarbonization options for customers. Earlier, the company had raised $440 million in debt financing, bringing the total funding to $680 million.

Speaking about the funding, Nexamp CEO Zaid Ashai said, “It’s clear that consumers want more options for reducing their environmental footprint, they want more control over their costs and they care about working with a trusted partner across their many sustainability efforts. This funding represents a show of confidence in our team and vision, and we are committed to continuing to provide solutions to address surging clean energy demand.”

Chief executive and co-founder of Generate Scott Jacobs excitedly said, “We’re thrilled to be partnering with Nexamp on this next phase of growth to reach our shared goals of delivering affordable, flexible decarbonization solutions to the market.”

Nexamp today provides clean energy access to approximately 40,000 customers across 10 states in the US. The company, which owns and operates its solar 6 storage projects and says it manages all stages of the development process from financing to O&M and power sales,  has nearly 1 GW of solar and energy storage assets – operating and under construction, included.

 

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