Nexamp, a solar and energy storage project developer, secured a $340 million private placement debt refinancing with PGIM Private Capital (PPC), the private credit business of global asset manager PGIM. The financing will support solar and storage projects across multiple states over the next three years.
The refinancing covers a portfolio of 39 solar projects in seven states, representing 150 MW of solar and 37 MWh of storage capacity.
“We are pleased to partner with PPC on this important financing deal,” said Zaid Ashai, CEO of Nexamp. “The transaction strengthens Nexamp’s financial position and supports our ongoing expansion across the U.S. With more than 150 megawatts of generation and critical energy storage capabilities in this portfolio alone; we are well-positioned to meet the growing demand for domestic energy. This financing provides long-term stability and ensures we remain focused on advancing the energy transition with sustainable, reliable, and cost-effective solutions.”
The refinancing also allows the company to streamline its reporting by consolidating its financial structure to support more efficient management of its growing portfolio of assets.
Last April, the company secured $520 million in a funding round led by Manulife Investment Management, alongside existing investors Diamond Generating Corporation and Generate Capital. The company said this investment will enable them to expand and expedite their renewable project pipeline across the country.
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale project funding increased by 27% in Q1 2025 compared to Q1 2024.
Last week, Zelestra, a renewable energy project developer, secured a $113 million project financing credit facility for the 81 MW Jasper County solar project in Jasper County, Indiana. Banco Santander acted as the sole arranger of the Facility.
