Nexamp nets big equity investment led by Generate Capital
Nexamp CEO Zaid Ashai
Nexamp secured a $240 million equity investment led by Generate Capital last week. The company also recently raised $440 million in debt financing, bringing its total new funding to $680 million. The new funding will accelerate Nexamp’s ability to offer a flexible range of decarbonization options for customers.
With the new funding, Nexamp will expand its capabilities, extending clean energy savings and other benefits to more markets. The company will also continue expanding its team to develop additional retail solutions that help consumers and businesses make better energy decisions and reduce their carbon impact.
Nexamp develops, designs, builds and operates distributed solar and energy storage solutions, already providing clean energy access to approximately 40,000 customers across 10 states, offering discounts on green energy of up to 20% with no credit checks and no long-term contracts. Nexamp has nearly 1 GW of solar and energy storage assets operating and under construction.
“It’s clear that consumers want more options for reducing their environmental footprint, they want more control over their costs and they care about working with a trusted partner across their many sustainability efforts,” said Nexamp CEO Zaid Ashai. “This funding represents a show of confidence in our team and vision, and we are committed to continuing to provide solutions to address surging clean energy demand. With our track record and momentum in community solar, we have built a foundation for numerous additional opportunities to expand our customers’ access to clean energy and sustainable solutions.”
The new funding comes on the heels of Nexamp’s recent agreement with Walmart to subscribe to 23 of Nexamp’s New York community solar farms.
Nexamp has grown to more than 300 employees, tripling its workforce in less than three years with robust growth that continued throughout the COVID-19 pandemic thanks to increasing demand for renewable energy. “We have enjoyed unprecedented growth over the past year, and this investment gives us resources to maintain our momentum, creating the foundation for a more equitable clean energy future,” said Nexamp CFO Peter Tawczynski.
With a rapidly growing customer base of consumers and businesses, Nexamp already has a proven community solar program that makes solar an option for anyone, eliminating typical barriers of entry such as up-front capital investment, sign-on fees, credit checks or access to your own roof. Nexamp also offers a variety of standalone and co-located energy storage solutions as well as utility scale solar services and is playing a growing role in grid capacity.
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