Developer Nexamp has closed a US$340 million private placement debt refinancing for a portfolio of distributed solar and energy storage projects in the US.
The portfolio covers 39 solar farms across seven US states and a combined 150MW of solar PV capacity, while the energy storage portfolio consists of 37MWh capacity. The funds will be used over the next three years to support solar PV and storage projects across several US states.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
The financing was secured with global asset manager PGIM’s private credit business unit PGIM Private Capital (PPC). As part of the transaction, a US$107 million PPC Shelf Facility gives Nexamp the flexibility to tap additional capital for future solar projects, according to the company.
Zaid Ashai, CEO of Nexamp, said: “This financing provides long-term stability and ensures we remain focused on advancing the energy transition with sustainable, reliable, and cost-effective solutions.”
Although no details regarding the technology to be used for the construction of that portfolio were provided, the company secured a module supply agreement with US solar cell and module manufacturer Silfab in December 2024 for an undisclosed capacity amount.
Nexamp currently has a portfolio of more than 1GW of renewable energy assets either operational or under construction.
Last year, the company secured one of the largest venture capital deals made in 2024, with a US$520 million capital raise led by asset manager Manulife Investment Management.
