Nexamp, a developer and manager of solar and storage assets, has secured more than $400 million in tax equity and debt commitments led by U.S. Bancorp Impact Finance and Mitsubishi UFJ Finance Group (MUFG), respectively.
This latest round of financing will support the creation of 49 solar and battery storage projects in six states spanning the Northeast, Mid-Atlantic and Midwest and enable more than 25,000 households to receive a combined $6.5 million in estimated annual electricity bill savings.
As Nexamp works to develop these community solar facilities across all six states, this investment will also create a total of 2,390 construction and operations jobs to support local economic growth in addition to expanding solar access for rural and underserved communities.
Community solar, or shared solar, allows local residents to subscribe to a solar farm and receive credits on their monthly utility bill to reduce their annual electric costs. The projects, which have a total generating capacity of nearly 250 MW DC and can power up to 40,000 households. They are sited in predominantly rural communities in Maine, Maryland, Massachusetts, New York, Minnesota and Illinois, to help eliminate barriers associated with installing solar panels.
“Nexamp is expanding its reach to meet the critical needs of communities, especially those that are historically underserved, ensuring they’re represented in the transition to a resilient, dynamic and clean energy grid,” says Nexamp CEO Zaid Ashai.
Nexamp’s financing effort was bolstered by the Inflation Reduction Act, which extended and expanded the investment tax credits for clean energy resources. Beginning in 2023, newly established bonus credits will ensure that low-income and other traditionally marginalized communities will more equitably share in the direct benefits and economic growth.