Boston-based Nexamp, Inc., a renewable energy generator and community solar provider, has closed a $440 million senior secured credit facility for a 380-megawatt portfolio of solar and energy storage assets. It’s one of the largest debt financing agreements of its kind.
Financial boost for community solar
Nexamp provides clean energy power and solutions. It has delivered energy projects ranging from utility-scale solar installations to clean energy master plans. Nexamp’s portfolio consists of nearly 100 community solar projects, including energy storage capacity totaling 120 MWh.
Nexamp explains how its community solar works:
- You don’t have to install anything on your roof
- You save about 10% a month on electricity
- You don’t have to sign an annual contract
- You don’t have to pay to maintain panels
- You can cancel at any time
- You support local clean energy in your community
There are no credit checks for individuals and no upfront fees.
MUFG Union Bank served as the coordinating lead arranger for the syndicated financing. Takaki Sakai, managing director of MUFG’s project finance team, said:
Distributed power generation — and community solar in particular — is a growing segment of the renewable energy market that plays a vital role in reducing carbon emissions with the participation of a wide range of community members, and Nexamp is a reputable market leader in this field.
MUFG is honored to help Nexamp advance its continued growth through the successful closing of this landmark debt financing — one of the largest to have been provided to a community solar portfolio — and we look forward to continuing our strong partnership.
The financing arrangement, combined with Nexamp’s integrated business model, positions the company for accelerated growth in 2021. Nexamp develops, acquires, builds, owns, and operates its solar and storage projects, while securing and managing a rapidly growing customer subscriber base of more than 25,000 homes and businesses. It has nearly 300 new solar and storage projects in the pipeline.
In 2020, Solar Power World ranked Nexamp as the No. 3 commercial developer in the US, with a total of 94.1 MW of distributed solar installed during 2019 in Georgia, Maryland, Massachusetts, and New York. It’s currently building more solar farms in Illinois, Maine, and Rhode Island.
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