Nexamp Raises $520M to Power Clean Energy Mission

The infusion cements Nexamp's position as a leading clean energy and decarbonization solutions provider as it enters a new phase of growth

BOSTON, April 10, 2024 /PRNewswire/ -- Nexamp, a leading independent renewable energy provider and the nation's largest community solar developer and owner, announced today that it has secured $520 million in a capital raise led by Manulife Investment Management, alongside existing investors Diamond Generating Corporation and Generate Capital. The company will leverage the investment to expedite deployment of its national project pipeline, accelerate expansion and developer partnerships in new and existing markets, and fuel the continued growth of its generation and consumer-driven offerings.     

The scale of the investment reflects the immense surge in demand for renewable power across the country and a growing appreciation within the investor community of the essential need to balance utility-scale infrastructure with reliable distributed power solutions in navigating the clean energy transition. Community solar has emerged as the industry's fastest-growing segment and this investment firmly recognizes Nexamp's leading position in the rapidly maturing market sector. In overseeing every facet of the solar asset lifecycle—from development and engineering to operations and customer acquisition and engagement—Nexamp has successfully leveraged a unique and comprehensive business model to deliver local access to clean energy and high-quality jobs 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."

Propelled by the momentum of the Inflation Reduction Act (IRA) and by increased market and customer demand, Nexamp has significantly expanded its reach over the past year. In January, the company announced a second national headquarters in Chicago, and more than $2 billion in planned investments into local renewable energy infrastructure in Illinois. Additionally, in 2023, Nexamp launched a strategic partnership with North American solar manufacturer Heliene, gaining access to 1.5 GW of domestically sourced modules that will be deployed on hundreds of community solar projects to be located coast to coast. The company currently serves nearly 80,000 customers and maintains a portfolio of over 1.5 gigawatts of generating and in-construction capacity capable of powering more than 300,000 households. The company has several gigawatts of additional project capacity in development across over 20 markets, with the combined potential to power over one million customers in the coming years.

"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 on 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."

BofA Securities served as exclusive placement agent to Nexamp.

About Nexamp
Nexamp is building the new energy economy with proven solar and storage solutions, and inviting individuals, communities, and businesses to take part in the benefits. Our end-to-end capabilities—including project development and acquisition, design, construction, operations and customer management—position Nexamp as a just and equitable market leader. By building integrated clean energy products, we ensure that both savings and job opportunities reach everyday Americans. With more than 1 GW of renewable energy-generating assets currently in operation or under construction, we're building a cleaner and more resilient future. Visit us at www.nexamp.com.

About Manulife Investment Management
Manulife Investment Management is the brand for the global wealth and asset management segment of Manulife Financial Corporation. Our mission is to make decisions easier and lives better by empowering investors for a better tomorrow. Serving more than 17 million individuals, institutions, and retirement plan members, we believe our global reach, complementary businesses, and the strength of our parent company position us to help investors capitalize on today's emerging global trends. We provide our clients access to public and private investment solutions across equities, fixed income, multi-asset, alternative, and sustainability-linked strategies, such as natural capital, to help them make more informed financial decisions and achieve their investment objectives. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.

Copyright 2024 Nexamp Inc.

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SOURCE Nexamp