Nexamp Raises $520M to Power Clean Energy Mission
Summary
The infusion cements Nexamps position as a leading clean energy and decarbonization solutions provider as it enters a new phase of growthBOSTON, April 10, 2024 /PRNewswire/ -- Nexamp, a leading independent renewable energy provider and the nations 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 industrys fastest-growing segment and this investment firmly recognizes Nexamps leading position in the rapidly maturing market sector. In overseeing every facet of the solar asset lifecyclefrom development and engineering to operations and customer acquisition and engagementNexamp 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. "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.