Solar and storage solutions provider Nexamp has secured a total of $680 million in fresh funding to speed up growth and expand its portfolio of solar and storage solutions.
Boston-based Nexamp plans to use the latest capital to build more solar farms serving communities and businesses across the U.S.
Nexamp also plans to expand its capabilities and grow its team to develop additional retail solutions with the new funding.
The $680 million funding includes a $240 million equity investment led by sustainable infrastructure company Generate Capital and a $440 million in debt financing.
Nexamp develops, designs, builds and operates distributed solar and energy storage solutions. Presently, Nexamp provides clean energy access to approximately 40,000 customers across the U.S.
The firm has approximately 1 GW of solar and energy storage assets in operation and under construction. The company also offers a variety of standalone and co-located energy storage solutions and utility-scale solar services.
The latest funding follows a recent agreement with Walmart under which the retail behemoth subscribed to 23 of Nexamp’s New York community solar farms.
“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,” said Nexamp CEO Zaid Ashai.
Zaid Ashai added: “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. With our track record and momentum in community solar, we have built a foundation for numerous additional opportunities to expand our customers’ access to clean energy and sustainable solutions.”
The transaction was facilitated by Marathon Capital, an investment bank delivering financial advice to the energy and infrastructure markets.
Total corporate funding for the solar sector in the first half of 2021 came to $13.5 billion compared to $4.6 billion in 1H 2020, a 193% increase in year-over-year (YoY) funding.