Boston-based solar developer Nexamp recently closed on $440 million worth of community solar installations that will serve five states. Funding for the facility came with MUFG Union Bank’s help, which stood in as the Coordinating Lead Arranger. The 380-megawatt portfolio is expected to include 100 different community solar projects that will span much of Nexamp’s North American market. Upon its completion, the facility will store approximately 120-megawatt hours of clean energy that will be distributed to local residents and small businesses.
According to Nexamp’s Chief Financial officer, Peter Tawczynski, the interest from lenders over the community solar installations is an indication of the enthusiasm behind clean, renewable energy. He states it served as validation for the solar company’s business model, which has provided solar energy for residents in states like Massachusetts, New York, Illinois, New Jersey, Rhode Island, Maine, and Washington, D.C.
Tawczynski continued, stating that Nexamp has developed a solar model that has made clean energy more accessible through multiple community solar installations along the East Coast. Its customer base has grown to more than 20,000 residential and business subscribers.
The 100 community solar installations are just a part of Nexamp’s growth. Additionally, the solar company has more than 250 facilities planned for the future. These developments will expand the reach of community solar, which delivers low-cost energy options to homeowners and small businesses within the service area.
As part of the community solar installations, subscribers receive a credit equal to the amount of solar energy they’ve subscribed to. That credit offsets the cost of traditional energy, providing typically a 10% discount on a customer’s monthly utility bill.
According to Zaid Ashai, Nexamp’s CEO, the company aims to play a significant role in helping its partners reach net-zero carbon emissions. By providing savings to customers, Ashai explains, Nexamp encourages residents and small businesses to switch to clean energy and help speed up the global switch to renewables.