Nexamp has emerged as the largest owner-operator of community solar assets across the sector’s fastest growing markets, and a financing deal announced today hammers this home: Nexamp Inc. closed a $440 million senior secured credit facility for a 380-MW portfolio of solar and energy storage assets, the largest debt financing of its kind. The diverse portfolio spans five state markets and consists of nearly 100 community solar projects, including energy storage capacity totaling 120MWh. MUFG Union Bank, N.A. served as the Coordinating Lead Arranger for the syndicated financing, which included participation from an expansive group of market-leading lenders.
“The strong lender interest in response to this portfolio demonstrates the momentum behind the renewable energy industry and is a clear validation of Nexamp’s approach,” noted Peter Tawczynski, Chief Financial Officer, Nexamp. “We have built the most progressive and accessible community solar model available today, removing many of the traditional barriers and making it simple for customers to partner with Nexamp. As we bolster our solar portfolio with energy storage solutions, we look forward to launching new products in more geographies and delivering savings to our expanding customer base.”
The financing arrangement, combined with Nexamp’s uniquely integrated business model, positions the company for accelerated growth in the coming year. Nexamp develops, acquires, builds, owns and operates its solar and storage projects, while securing and managing a rapidly growing customer subscriber base of more than 25,000 homes and businesses. With nearly 300 new solar and storage projects in the pipeline, this financing recognizes Nexamp’s unrivaled capacity to make clean energy accessible quickly to more communities.
“Nexamp aims to help our customers and partners accelerate their decarbonization journey. Our community solar platform is an increasingly important part of that process for many, combining meaningful cost savings with a simple way to contribute to the clean energy revolution,” said Nexamp CEO Zaid Ashai.
“Distributed power generation—and community solar in particular—is a growing segment of the renewable energy market that plays a vital role in reducing carbon emissions with the participation of a wide range of community members, and Nexamp is a reputable market leader in this field,” says Takaki Sakai, Managing Director of MUFG’s Project Finance team that led the financing. “MUFG is honored to help Nexamp advance its continued growth through the successful closing of this landmark debt financing—one of the largest to have been provided to a community solar portfolio—and we look forward to continuing our strong partnership.”
— Solar Builder magazine
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