MUFG Union Bank served as the coordinating lead arranger for a $440 million senior secured credit facility for Nexamp, a renewable energy generator and community solar provider. The financing is for a 380-megawatt portfolio of solar and energy storage assets. The portfolio spans five state markets and consists of nearly 100 community solar projects, including energy storage capacity totaling 120MWh.
“The strong lender interest in response to this portfolio demonstrates the momentum behind the renewable energy industry and is a clear validation of Nexamp’s approach,” Peter Tawczynski, CFO of Nexamp, said. “We have built the most progressive and accessible community solar model available today, removing many of the traditional barriers and making it simple for customers to partner with Nexamp. As we bolster our solar portfolio with energy storage solutions, we look forward to launching new products in more geographies and delivering savings to our expanding customer base.”
Nexamp develops, acquires, builds, owns and operates its solar and storage projects while securing and managing a customer subscriber base of more than 25,000 homes and businesses. The company has nearly 300 new solar and storage projects in the pipeline.
“Nexamp aims to help our customers and partners accelerate their decarbonization journey. Our community solar platform is an increasingly important part of that process for many, combining meaningful cost savings with a simple way to contribute to the clean energy revolution,” Zaid Ashai, CEO of Nexamp, said. “This financing enables Nexamp to double down on our own urgent mission to deliver sustainable energy options for our customers in an equitable manner.”
“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,” Takaki Sakai, managing director of MUFG’s project finance team, which led the financing, said. “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.”