Nexamp, a renewable energy provider and the largest community solar developer in the United States, announced a significant milestone with the closure of a $520 million capital raise.
Led by Manulife Investment Management and supported by existing investors Diamond Generating Corporation and Generate Capital, this infusion of funds positions Nexamp to accelerate its nationwide project deployment, expand into new markets, and enhance its offerings for consumers seeking clean energy solutions.
The capital raise reflects the surging demand for renewable power across the nation and underscores the growing recognition within the investor community of the importance of balancing utility-scale infrastructure with distributed energy solutions in advancing the clean energy transition. Community solar, in particular, has emerged as a rapidly growing segment of the industry, with Nexamp establishing itself as a leader in this market sector.
Nexamp’s comprehensive business model, which encompasses every aspect of the solar asset lifecycle, has enabled the company to provide local access to clean energy while creating high-quality jobs in the communities it serves.
Zaid Ashai, CEO of Nexamp, highlighted the significance of the investment, stating, “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.”
Buoyed by legislative support such as the Inflation Reduction Act (IRA) and driven by increasing market demand, Nexamp has experienced substantial growth in recent years. The company’s expansion efforts include the establishment of a second national headquarters in Chicago and planned investments exceeding $2 billion in renewable energy infrastructure in Illinois.
Additionally, a strategic partnership with solar manufacturer Heliene has positioned Nexamp to deploy domestically sourced modules on numerous community solar projects nationwide.
With a portfolio boasting nearly 80,000 customers and over 1.5 gigawatts of generating and in-construction capacity, Nexamp is poised to power more than 300,000 households. The company’s ongoing development initiatives span over 20 markets, with the potential to serve over one million customers in the near future.
Pradeep Killamsetty, Managing Director at Manulife Investment Management, expressed confidence in Nexamp’s vision, stating, “We believe in community solar, and Nexamp has built an exceptional platform to meet the moment.” Similarly, Scott Jacobs, CEO and Co-Founder of Generate Capital, praised Nexamp’s role in revolutionizing distributed energy in the United States.
Diamond Generating Corporation CEO Shuhei Kurosawa emphasized the company’s commitment to supporting Nexamp’s growth, stating, “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.”