Nexamp Secures $400 Million for Community Solar in Six US States

Major US Firms Announces Financing & Investments for Solar Projects, Energy Storage

Boston based national clean energy provider Nexamp has announced over $400 million in tax equity and debt commitments led by US Bancorp Impact Finance and Mitsubishi UFJ Finance Group (MUFG). The funds will support the creation of 49 solar power and battery storage projects in six US states. The renewable energy projects will come up in Northeast, Mid-Atlantic, and Midwest benefiting more than 25,000 households with $6.5 million worth electricity bill savings.

Nexamp said that these will be community solar facilities. The renewable energy projects, which have a total generating capacity of nearly 250 MWdc and can power up to 40,000 households, are sited in predominantly rural communities in Maine, Maryland, Massachusetts, New York, Minnesota, and Illinois. The objective of Nexamp is to help eliminate barriers associated with installing solar panels, says the firm.

The CEO of the firm, Zaid Ashai said, “Nexamp is expanding its reach to meet the critical needs of communities, especially those that are historically underserved, ensuring they’re represented in the transition to a resilient, dynamic and clean energy grid.”

Nexamp said that its financing effort was bolstered by the Inflation Reduction Act, which extended and expanded the investment tax credits for clean energy resources, and sets the stage for accelerated solar growth in the coming decade.

Beginning in 2023, newly established bonus credits will ensure that low-income and other traditionally marginalized communities will more equitably share in the direct benefits and economic growth spurred by the IRA, the Biden Administration’s landmark climate bill.

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“We believe everyone has a role to play in creating a sustainable future and investing in projects like these is one of the ways we can support the transition to a greener economy,” noted Jacob Gibson of US Bancorp Impact Finance.

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Nexamp and Community Solar

Nexamp claims to be the largest US owner of community solar assets. Nexamp delves into handling all the aspects of a projects’ lifecycle in-house, from development, engineering, and construction through operations and customer management.

In 2015, Nexamp launched the first open-to-all community solar program that eliminates credit checks, up-front fees, and long-term commitments to help customers save an average of 10-20% on annual electricity costs. Presently, Nexamp services over 60,000 customers and has a portfolio of more than 1 GW of generating capacity capable of powering over 155,000 households. It has several more gigawatts of capacity in development across about 20 states.