Apricus Generation has acquired a controlling interest in Nexus Renewables Inc., the Toronto-based developer of solar and energy storage projects and Independent Power Producer (IPP).
Apricus is a new holding company designed to build a national distributed solar and battery development platform and IPP. By joining the Apricus platform, Nexus is gaining the additional expertise, support and capital to effectively scale its pipeline and advance its current 500+ MW project portfolio to generation.
Nexus, led by founder and CEO Keith Sandor, has built a leading development and IPP platform that, when combined with Apricus’ capital and strategic oversight, will be one of the leading IPP platforms in this space.
“This is a perfect fit for us. We are excited to join forces with Apricus Generation and build a leading IPP in solar and energy storage segments,” Sandor said. “Nexus Renewables has a proven development and IPP model with a significant pipeline and a team of talented professionals that can rapidly and efficiently capture the market opportunity.”
The Apricus platform enables consumers and businesses to participate in the energy transition by providing developers with management expertise and capital to advance their project pipeline to generation.
“We are thrilled to have Nexus Renewables join Apricus as the first developer in our platform. Keith and the entire Nexus team have built a significant pipeline and are one of the best solar and energy storage developers in North America,” said Gautam Chandra, executive chairman and cofounder of Apricus Generation. “As with many independent developers, Nexus has more project opportunities than access to capital. By joining Apricus, they now have access to capital and expertise that will allow them to execute on their pipeline.”
This strategic acquisition is Apricus’ first since the company launched earlier this year.
“I’ve worked with Keith in the energy industry for nearly two decades and have been impressed with how Nexus Renewables has rapidly grown into a leader in the sector,” said Ravi Thuraisingham, CEO and cofounder of Apricus. “I couldn’t be happier that Nexus is joining the Apricus platform as our flagship and initial acquisition. With this strategic partnership, we are committed to building the leading developer focused IPP platform to bring renewable energy to the consumers.”
— Solar Builder magazine
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