Nexamp Raises $520M to Propel Clean Energy Mission


Nexamp, a leading provider of renewable energy solutions and the largest community solar developer and owner in the United States, has announced a significant milestone with the successful completion of a $520 million capital raise. The investment round, led by Manulife Investment Management with participation from existing investors Diamond Generating Corporation and Generate Capital, underscores Nexamp’s commitment to advancing its clean energy mission and accelerating the transition to sustainable power sources.

The infusion of capital will enable Nexamp to expedite the deployment of its extensive national project pipeline, bolster expansion efforts and developer partnerships in both existing and new markets, and further enhance its generation and consumer-driven offerings. With the demand for renewable energy surging across the country, Nexamp is poised to capitalize on the growing need for utility-scale infrastructure and distributed power solutions to drive the clean energy transition forward.

Nexamp’s CEO, Zaid Ashai, emphasized the pivotal role of community solar in democratizing access to clean and affordable energy solutions for all Americans. The company’s unique business model, which encompasses every stage of the solar asset lifecycle, has positioned Nexamp as a leader in the rapidly evolving community solar market segment. By providing local access to clean energy and creating high-quality jobs in the communities it serves, Nexamp is driving tangible impact while advancing sustainability goals.

The investment comes at a transformative moment for Nexamp, fueled by increased market demand and regulatory support, including initiatives such as the Inflation Reduction Act (IRA). Nexamp has expanded its footprint significantly, with recent milestones including the establishment of a second national headquarters in Chicago and over $2 billion in planned investments in renewable energy infrastructure in Illinois. Additionally, strategic partnerships with leading industry players like North American solar manufacturer Heliene have further strengthened Nexamp’s position and paved the way for future growth.

Pradeep Killamsetty, Managing Director at Manulife Investment Management, expressed confidence in Nexamp’s ability to expand its community reach and execute its growth plans for a cleaner future. Similarly, Scott Jacobs, CEO and Co-Founder of Generate Capital, highlighted Nexamp’s leadership in driving the distributed energy revolution in the United States.

Nexamp’s commitment to meeting the evolving needs of customers and communities aligns with its partners’ shared vision for a sustainable and resilient energy future. With a portfolio of over 1.5 gigawatts of generating capacity and several gigawatts of additional projects in development, Nexamp is poised to power the homes and businesses of millions of customers across the nation, driving meaningful progress towards a cleaner, more sustainable energy landscape.

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