Nexamp bags USD 680m in new funding to grow solar offerings

Nexamp solar farm in Gloversville, New York. Image by: Nexamp Inc.

August 18 (Renewables Now) - US distributed solar and storage developer Nexamp Inc said on Tuesday it has secured a total of USD 680 million (EUR 581m) in fresh funds to speed up growth and enable the expansion of its portfolio of decarbonisation solutions.

Nexamp has received a USD-240-million equity investment that was led by sustainable infrastructure company Generate Capital Inc after previously raising USD 440 million in debt financing. The new funding will accelerate its ability to offer a variety of decarbonisation options for customers and businesses.

Presently, Nexamp provides clean energy access to about 40,000 customers across 10 states. The firm has almost 1 GW of solar and energy storage assets in operation and under construction.

The new funding follows a recent agreement with Walmart Inc (NYSE:WMT) under which the retail giant subscribed to 23 of Nexamp's New York community solar farms.

(USD 1.0 = EUR 0.854)

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