Nexamp raises $520M to advance solar project pipeline | Solar Financing Spotlight
Summary
Meanwhile Excelsior Energy has entered a multiyear contract to purchase Heliene solar panels, and Origis Energy has secured $317 million to build two utility-scale projects in this installment of the Solar Financing Spotlight.Nexamp secured $520 million in a capital raise led by Manulife Investment Management, alongside existing investors Diamond Generating Corp. 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 United States 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. 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.Excelsior Energy Capital has entered a multiyear agreement to acquire 2 GW of photovoltaic modules from Heliene Inc.The PV modules supplied under the agreement will primarily be produced at an existing Heliene factory in Mountain Iron, Minnesota, and at a new factory the company plans to build in the greater Minneapolis-St. Paul area.The Excelsior team is excited by the wide-ranging benefits of this new agreement, which materially derisks supply of PV modules for our projects and allows us to work collaboratively alongside an established industry player as they expand and innovate over time, said Chris Frantz, partner at Excelsior.The agreement also deepens the confidence that other partners can have in the Excelsior team, as it delivers unmatched assurance in our ability to supply the necessary equipment for the solar energy projects that we invest in, added Ryan Fegley, cofounder and partner at Excelsior.A majority of the PV modules supplied by Heliene would be produced in the United States. For Golden Triangle II the deal used the ITC, for Escalante Solar the PTC provision is being used.Construction financing was secured for Escalante Solar and Golden Triangle II as part of the companys $750 million Construction Financing Facility announced in August 2023 to fund approximately 2 GW of project capacity across 15 states over the next three years.