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Nexamp Secures $520 Million to Propel Clean Energy Initiatives and Expansion Efforts

Image Credit: Nexamp

Nexamp, a prominent player in the renewable energy landscape and the foremost developer and proprietor of community solar projects in the United States, has just made a significant announcement. Today, they disclosed the successful closure of a $520 million capital raise, spearheaded by Manulife Investment Management, with participation from existing backers such as Diamond Generating Corporation and Generate Capital. This substantial influx of capital is poised to catalyze Nexamp's ambitious plans. They intend to swiftly deploy their extensive project pipeline nationwide, fortify their presence in established and emerging markets through strategic partnerships, and further bolster their generation and consumer-centric solutions portfolio.

The magnitude of this investment underscores the surging demand for clean energy solutions nationwide. It also signifies a growing recognition among investors of the importance of balancing large-scale infrastructure projects and decentralized power solutions in navigating the transition toward cleaner energy sources. Notably, community solar has emerged as the fastest-growing segment within the industry, and this substantial investment serves as a testament to Nexamp's leading position in this rapidly evolving market.

Nexamp's success can be attributed to its holistic approach towards solar asset management. By overseeing every aspect of the solar lifecycle—from initial development and engineering to ongoing operations and customer engagement—Nexamp has established itself as a pioneer in delivering accessible clean energy solutions and fostering economic growth in the communities it serves.

"This landmark financing comes at a pivotal moment in the evolution of America's energy economy and underscores the indispensable role of community solar in democratizing access to clean, affordable energy solutions for every American," said Nexamp CEO Zaid Ashai. "This unprecedented investment reflects swelling confidence in the ability of independent renewable energy providers to reimagine outmoded infrastructure and reshape our grid. Nexamp is committed to deep collaboration with communities across the nation in building a more sustainable future for us all."

Driven by the momentum generated by the Inflation Reduction Act (IRA) and spurred on by escalating market and customer demand, Nexamp has experienced substantial growth in the past year. In January, they unveiled plans for a second national headquarters located in Chicago, signaling their commitment to expanding operations. Moreover, they disclosed intentions to invest over $2 billion into local renewable energy infrastructure in Illinois, reaffirming their dedication to sustainable development on a regional scale.

Furthermore, in 2023, Nexamp forged a strategic alliance with North American solar manufacturer Heliene, securing access to 1.5 gigawatts of domestically produced modules. These modules will be deployed across numerous community solar projects spanning coast to coast, showcasing Nexamp's commitment to utilizing locally sourced materials and fostering partnerships within the industry.

Presently, Nexamp boasts a customer base of nearly 80,000 individuals and households, supported by a robust portfolio of over 1.5 gigawatts of generating capacity, both operational and under construction. This capacity is capable of meeting the energy needs of over 300,000 households. Additionally, Nexamp has ambitious expansion plans, with several gigawatts of additional project capacity developing across more than 20 markets. Collectively, these projects have the potential to provide clean energy solutions to over one million customers in the years to come.

"We believe in community solar, and Nexamp has built an exceptional platform to meet the moment," said Pradeep Killamsetty, Managing Director at Manulife Investment Management. "We are proud to support the Nexamp team in their efforts to further expand their community reach and execute their growth plans for a cleaner future."

"The infrastructure transition relies on the rapid deployment of proven technology solutions and Generate is proud of its track record in cultivating and investing in the companies that are developing, building, and operating clean energy projects at scale," said Generate Capital CEO and Co-Founder Scott Jacobs. "Nexamp has been at the forefront of a distributed energy revolution in the United States, and we're thrilled to expand our partnership."

"Our longstanding partnership with Nexamp has been a remarkable success, and we see an even greater market opportunity ahead," said Diamond Generating Corporation CEO Shuhei Kurosawa. "As the ever-increasing demand for cleaner power accelerates the industry's growth, we share in Nexamp's commitment to meet the opportunity with best-in-class solutions for customers in every market."

About Nexamp:

Nexamp is at the forefront of shaping the new energy landscape through its proven solar and storage solutions, extending an open invitation to individuals, communities, and businesses to participate in the advantages of clean energy. With a comprehensive range of capabilities spanning project development, acquisition, design, construction, operations, and customer management, Nexamp stands as a beacon of equity and fairness in the market. By integrating clean energy products, we ensure that both cost savings and employment opportunities benefit everyday Americans. With over 1 gigawatt (GW) of renewable energy assets, either operational or under development, Nexamp is actively contributing to a cleaner and more resilient future.

About Manulife Investment Management:

Manulife Investment Management represents the wealth and asset management division of Manulife Financial Corporation. Our overarching mission is to simplify decision-making processes and enhance lives by empowering investors towards a brighter future. Serving a diverse clientele of more than 17 million individuals, institutions, and members of retirement plans, we leverage our global presence, complementary businesses, and the robust foundation of our parent company to enable investors to capitalize on emerging global trends. We offer a comprehensive suite of public and private investment solutions across various asset classes, including equities, fixed income, multi-asset, alternatives, and sustainability-focused strategies, such as natural capital, to assist clients in making well-informed financial decisions and achieving their investment goals. Please note that not all offerings may be available in all jurisdictions.


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