Nexamp Inc., leading renewable energy provider, secured $440 million in funding for a 380-megawatt portfolio of solar energy assets, as well as energy storage solutions. The company announced this Monday.
Firstly, the funding came through a senior credit facility, which is a debt financing credit. In fact, it is the largest debt financing credit of its kind. According to the statement, MUFG Union Bank, N.A. served as the Coordinating Lead Arranger for the lend.
Secondly, the diverse portfolio to be financed with this credit includes five state markets and consists of nearly 100 community solar projects, including energy storage capacity of more than 120 MWh.
Thirdly, after this credit, Nexamp emerges as one of the largest owner-operators of community solar assets; therefore, this financing “reflects the company’s position as a market leader; with a proven track record of renewable energy financing and asset deployment.”
Moreover, the announcement consolidates the company as an innovative solar development platform; one of the few that makes solar an option for almost every customer, as it has a community approach; “with no credit checks for individuals, no up-front fees, nothing to install and no long-term commitment.”
Also recommended for you: Chevron acquires Noble Midstream Partners
Nexamp, big player in community solar
In fact, across the U.S., the company has nearly 300 solar and energy storage in pipeline. With this credit secured, Nexamp also secures an unparalleled growth for next year.
In addition, “The strong lender interest in response to this portfolio demonstrates the momentum behind the renewable energy industry; and it is also a clear validation of Nexamp’s approach,” said Peter Tawczynski, Nexamp’s CFO.
“We have built the most progressive and accessible community solar model available today; while removing many of the traditional barriers and making it simple for customers to partner with Nexamp.” He concluded.
On the other hand, company’s CEO, Zaid Ashai, said. “This financing enables Nexamp to double down on our own urgent mission to deliver sustainable energy options for our customers in an equitable manner.”
Finally, Takaki Sakai, Managing Director of MUFG Bank, said. “Distributed power generation—and community solar in particular—is a growing segment of the renewable energy market; one that also plays a vital role in reducing carbon emissions; with the participation of a wide range of community members; Nexamp is a reputable market leader in this field.”