Nexamp enters a new phase of growth with a $520 million capital investment to expand its solar development program. Meanwhile, Excelsior Energy entered into a multi-year contract to purchase Heliene solar panels, and Origis Energy secured $317 million to build two utility-scale projects in this episode of the Solar financing spotlight.
Nexamp secured $520 million in a capital raise led by Manulife investment management, alongside existing investors Diamond Generating Corp. and Generate Capital. The company will leverage the investment to accelerate the implementation of its national project pipeline, accelerate expansion and partnerships with developers in new and existing markets, and drive continued growth of its generation and consumer-driven offerings.
The size of the investment reflects the dramatic increase in demand for renewable energy in the United States and a growing appreciation within the investment community for the critical need to balance utility-scale infrastructure with reliable distributed energy solutions as we navigate the clean transition. energy.
Community solar has become the fastest growing segment of the industry and this investment is a clear recognition of Nexamp’s leading position in the rapidly maturing market sector. Overseeing every facet of the solar energy lifecycle – from development and engineering to operations and customer acquisition and engagement – Nexamp has successfully deployed a unique and comprehensive business model to provide local access to clean energy and quality jobs in the communities it serves.
“This groundbreaking financing comes at a pivotal time in the evolution of America’s energy economy and underscores the indispensable role of community solar in democratizing access to clean, affordable energy solutions for every American,” said Zaid Ashai, CEO of Nexamp. “This unprecedented investment reflects growing confidence in the ability of independent renewable energy providers to reimagine aging infrastructure and reshape our grid. Nexamp is committed to deep collaboration with communities across the country to build a more sustainable future for us all.”
Excelsior Energy Capital concludes multi-year supply agreement with Heliene
Excelsior Energy Capital has entered into a multi-year agreement to purchase 2 GW of photovoltaic modules Heliene Inc.
The PV modules supplied under the agreement will be produced primarily at an existing Heliene factory in Mountain Iron, Minnesota, and at a new factory the company plans to build in greater Minneapolis-St. Paul area.
“The Excelsior team is excited about the broad benefits of this new agreement, which significantly leverages the supply of PV modules for our projects and allows us to work with an established industry player as they move into the expand and innovate over time,” said Chris Frantz. , partner at Excelsior.
“The agreement also deepens the confidence other partners can have in the Excelsior team, as it provides unparalleled certainty in our ability to deliver the necessary equipment for the solar projects we invest in,” said Ryan Fegley, co-founder and partner at Excelsior. .
The majority of the PV modules supplied by Heliene would be produced in the United States. Through this agreement and partnership, Heliene and Excelsior will support the growth of U.S. clean energy jobs and manufacturing capacity. The agreement will significantly reduce supply chain risks for Excelsior, including shipping delays, as well as tariff and other trade-related risks.
Origis Energy secures $317 million to build two utility-scale projects
Origis energy has secured $317 million in project tax financing from JP Morgan for two large-scale solar and solar plus battery storage projects in New Mexico and Mississippi, respectively.
Escalante Solar is a 200 MWac solar power plant under construction in the Southwest for the Tri-State Generation and Transmission Association and its member electric cooperatives. Tri-State and Origis Energy recently announced that they have reached the milestone of more than 250,000 solar panels installed on the project. Escalante Solar is being built on the site of the former 253-megawatt coal-fired Escalante Station, which was decommissioned in 2020 as Tri-State continues its transition to clean energy. The project will come online in 2024.
Golden Triangle II, a 150 MWac solar project with 50 MW/4 hours (200 MWh) energy storage, will also be completed in 2024. The project is one of three Origis Energy plants under construction in Mississippi. With a total capacity of 550 MWac of solar plus 600 MWh of battery storage, the portfolio represents the largest deployment of solar plus storage in the state. The projects will provide clean energy and grid resiliency at competitive rates under power purchase agreements executed between Origis Energy and the Tennessee Valley Authority (TVA).
“JP Morgan is one of the largest financiers of clean energy and this partnership ensures Escalante Solar and Golden Triangle II meet key customer goals around decarbonization and grid resilience,” said Vikas Anand, Chief Operating Officer and Chief Financial Officer of Origis Energy.
The tax equity agreement leverages both the investment tax credits (ITC) and production tax credits (PTC) of the Inflation Reduction Act. For Golden Triangle II, the deal used the ITC, for Escalante Solar the PTC provision.
Construction financing was secured for Escalante Solar and Golden Triangle II as part of the company’s $750 million construction financing facility announced in August 2023 to fund approximately 2 GW of project capacity in 15 states over the next three years.
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