Nexamp, US community solar provider, has finalised a $440 million debt financing for a solar and energy storage portfolio with a cumulative capacity of 380 MW. The portfolio is spread across five states in the United States and consists of about 100 community solar projects and energy storage projects of 120 MWh. Multiple lenders participated in the syndicated financing which was arranged by MUFG Union Bank, which served as the coordinating lead arranger.
Nexamp is based in Boston, Massachusetts. It develops, acquires, builds, owns and operates solar and storage projects, and now has a customer subscriber base of more than 25,000 homes and businesses. Nexamp has nearly 300 solar and storage projects in the pipeline.
As per the U.S. Department of Energy, community solar can be defined as any solar project or purchasing program, within a geographic area, in which the benefits of a solar project flow to multiple customers such as individuals, businesses, non-profits, and other groups. In most cases, customers are benefitting from energy generated by solar panels at an off-site array.
Community solar business models vary depending where a subscriber lives. As of 2020, about a third of states have enabling policies for community solar.