Nexamp secured a $240 million equity investment led by Generate Capital. The company also recently raised $440 million in debt financing, bringing its total new funding to $680 million.
And the new funding follows Nexamp’s recent agreement with Walmart to subscribe to 23 of the solar company’s New York community solar farms. The retailer will receive energy credits, equivalent to approximately 50 MW of the entire portfolio. Walmart has 36 stores and one distribution center participating in the program.
In March, Nexamp closed a $440 million senior secured credit facility for a 380 MW portfolio of solar and energy storage assets. The portfolio covers five states and includes some 100 community solar projects, including energy storage capacity totaling 120 MWh. MUFG Union Bank served as the lead arranger for the syndicated financing, which included a group of lenders. At the time, Nexamp said it has nearly 300 new solar and storage projects in its development pipeline.
The company said it will use the most recent equity investment to expand to more markets. It will also continue to build its workforce to develop additional retail offerings. Nexamp said it has more than 300 employees, tripling its workforce in less than three years.
Nexamp develops, designs, builds, and operates distributed solar and energy storage solutions. It has nearly 1 GW of solar and energy storage assets operating and under construction.
The equity transaction was facilitated by Marathon Capital.
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