Solar and Storage Developer Nexamp Secures $520 Million

Nexamp, a developer of solar and storage projects, secured $520 million in a funding round led by Manulife Investment Management, alongside existing investors Diamond Generating Corporation and Generate Capital.

The company said that this investment will enable them to expand and expedite their existing renewable project pipeline across the country. Additionally, it will help develop partnerships in both new and existing markets, as well as consumer-driven offerings.

“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.

Nexamp maintains a portfolio of over 1.5 GW of generating and in-construction capacity capable of powering more than 300,000 households. It also has additional project capacity in development across over 20 markets.

“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.”

According to Mercom’s Q4 and Annual Global Solar Funding and M&A Report, Global VC and private equity funding in the solar sector in 2023 came in strong with $6.9 billion, just 1% lower than the $7 billion raised in 2022. There were 26 VC funding deals of $100 million or more in 2023.