Clean energy firm Nexamp has successfully secured $400 million in debt and equity financing to propel the development of up to 250MW of community solar and storage projects across the United States. The expansive project portfolio spans 49 sites primarily situated in rural communities across Maine, Maryland, Massachusetts, New York, Minnesota, and Illinois. Although the precise breakdown of projects and the timeline were not disclosed, the financing was led by US Bancorp Impact Finance and Mitsubishi UFJ Finance Group.
Expressing his views on the matter, Zaid Ashai, the CEO of Nexamp, emphasized the importance of investing in affordable and sustainable clean energy solutions that can be accessed by all Americans, regardless of their location. He stressed the need for the United States to overcome its reliance on fossil fuels and modernize its power grid. Nexamp's announcement of the financing specifically mentioned the Inflation Reduction Act (IRA), highlighting the company's advantage from the bill's investment tax credit for clean energy resources. Earlier this year, the Treasury issued guidelines for additional credits aimed at supporting renewable resources in rural, underserved, and historically fossil fuel-dependent communities.
In April, there was a notable attempt to significantly diminish the impact of the IRA, a move that drew strong criticism from renewable energy enterprises. However, the recent financing secured by Nexamp underscores the growing momentum of community solar in the United States. Last month, Aggreko, a supplier of renewable energy equipment, revealed its financing plans for a 500MW community solar portfolio in collaboration with the Farmers Powering Communities initiative.
