The $520 million funding for Boston- and Chicago-based Nexamp comes amid growing demand for distributed renewable energy and tailwinds from federal climate funding.
Manulife Investment Management led the deal alongside existing investors Diamond Generating Corporation, a subsidiary of Mitsubishi, and green infrastructure developer, operator and owner Generate Capital.
The financing “underscores the indispensable role of community solar in democratizing access to clean, affordable energy solutions for every American,” said Nexamp CEO Zaid Ashai. Community solar projects enable low- and moderate income residents or businesses to share in the lower costs of renewable energy without having to install their own panels.
Last year, Nextamp inked a deal with North American solar panel maker Heliene to secure 1.5 gigawatts worth of panels from its Minnesota plant to feed its growing pipeline.
The company serves 80,000 customers, from individuals to corporations such as Walmart, with some 1.5gw of solar production. Nextamp says it has another “several gigawatts” under development.
