Nexamp raises $520 million to expand; securitization deal for Sunrun; Heliene bags 2 GW module contract from Excelsior; more clean energy for Walmart, under Consumers Energy contract; Iberdrola constructing its maiden project in California.
Nexamp gets $520 million: US community solar project developer Nexamp has secured $520 million in a capital raise led by Manulife Investment Management. Other investors in this round include Diamond Generating Corporation and Generate Capital. It aims to use the proceeds to expedite deployment of its national project pipeline, accelerate expansion and develop partnerships in new and existing markets. It will also be put to use to fuel the continued growth of its generation and consumer-driven offerings, it added. Nexamp’s portfolio comprises more than 1.5 GW of generating and in-construction capacity. It claims to have several GWs of additional project capacity in development in over 20 markets.
Sunrun securitization deal: Residential solar and storage company Sunrun has priced a securitization of leases and power purchase agreements (PPA) for residential solar and battery systems at $230 million. The securitized leases and PPAs have been in service for an average of 6.75 years, and thus the vast majority of the portfolio is after the ‘flip point’ in tax equity structures, it added. Sunrun says the notes are backed by a diversified portfolio of 27,094 solar rooftop systems distributed across 19 states and Washington D.C. and 65 utility service territories.
2 GW module contract for Heliene: Excelsior Energy Capital has signed a multi-year agreement with Heliene for 2 GW solar module supply. Heliene will manufacture a large part of these modules at its Mountain Iron, Minnesota fab and remaining in the new factory it plans to build in the Greater Minneapolis-St. Paul area. Excelsior says this deal de-risks module supply for its projects along with materially reducing shipping delays, and risks related to tariffs, among others. Heliene recently signed a 3-year deal with Suniva for the latter’s US-made solar cells (see US & Canadian Solar PV Manufacturers Join Hands).
Walmart is Consumers Energy’s addition to the Consumers Energy’s Renewable Energy Program. (Photo Credit: Walmart)
Walmart contracts Consumers Energy: US utility Consumers Energy has secured retail giant Walmart as a client for the Consumers Energy’s Renewable Energy Program. Under this, the utility will supply clean energy to 44 Walmart locations within its service territory in Michigan. Under the agreement, Walmart has agreed to match 90% of the energy it uses across the 44 locations with renewable energy from future projects that Consumers Energy will develop in Michigan. Comprising Walmart, the utility says it now has over 30 businesses that have committed to nearly 600 MW of emission-free renewable energy to support their sustainability goals.
Iberdrola has broken ground on its maiden solar plant in California through its US subsidiary Avangrid. (Photo Credit: Iberdrola)
Iberdrola in California: Spanish energy giant Iberdrola’s US subsidiary Avangrid has broken ground on a 57 MW solar power plant, its maiden PV project in California. Located in Kern County, the Camino Solar Project will be equipped with 105,000 solar panels. Avangrid already operates 6 wind farms in California. The 57 MW PV project is located next to its 189 MW, operational Manzana Wind Farm. Iberdrola operates a combined 8.8 GW renewable energy capacity in the US which is its main investment focus under its 2024-2026 Strategic Plan. Iberdrola plans to invest €41 billion to growing in this market.
