Nexamp secures funding for 250 MW solar and battery projects in US

Nexamp, a clean energy producer, has obtained more than $400 million in financing to assist in the development of 49 solar and battery storage projects across six US states. The financing includes tax equity and loan commitments from US Bancorp Impact Finance and Mitsubishi UFJ Finance Group, respectively. The solar and battery storage installations will be spread out over Maryland, Massachusetts, Maine, Minnesota, New York, and Illinois.

When completed, the projects with a combined capacity of 250 MW will be able to supply clean energy to up to 40,000 households. The projects are estimated to bring nearly $6.5 million a year in combined electricity bill savings for households in predominantly rural communities. According to the company, the community solar facilities are also expected to create nearly 2,390 jobs during the construction and operational phases, supporting local economic growth.

In March 2021, Nexamp finalised a $440 million debt financing for a solar and energy storage portfolio with a cumulative capacity of 380 MW. The portfolio is spread across five states in the US and consists of about 100 community solar projects and energy storage projects of 120 MWh. Multiple lenders participated in the syndicated financing which was arranged by MUFG Union Bank, which served as the coordinating lead arranger.