Hello solar enthusiasts, and welcome back to yet another exciting update from the renewable energy world. Today, I am thrilled to share some groundbreaking news coming from one of the leading solar companies. The dynamic community solar provider Nexamp has recently secured an astounding $520 million in a capital raise where the main actor was Manulife Investment Management.
Promising news indeed considering that community solar is currently one of the fastest-growing segments in the US solar industry. It’s a key solution for households and businesses without a suitable roof or financial means to install solar panels for their home. Community solar functions in a unique way where customers subscribe to a section of an off-site solar array, and in return, receive bill credits for their share of the power that the solar asset generates.
The beauty of community solar project designs is that opposed to conventional utility-scale projects, they commonly opt for development on modified landfills, brownfield sites, and even along highway rights-of-way. Dig a little deeper and you’ll find multiple advantages of this approach. Not only does this model help reduce land development, it can also minimize power transmission costs and help relieve grid bottlenecks.
Thanks to the legislation like the Inflation Reduction Act that supports projects catering to low-income customers, Nexamp’s growth has been accelerating at an unprecedented rate in the past few years. In its ongoing bid to boost energy infrastructure in Illinois, Nexamp has rolled out a $2 billion investment blueprint which is also serving to accelerate its geographic expansion and project development. Its footprint will be further solidified with its second national headquarters in Chicago.
With over 1.5 GW of projects either in operation or under construction, Nexamp prides itself in serving nearly 80,000 customers nationwide. But that is only the tip of the iceberg. The company has gigawatts of projects in the pipeline across over 20 markets, with a vision to serve over a million customers in the coming years.
To reinforce its dominant position in the community solar sector, in August 2023, Nexamp made the biggest procurement order in U.S. history by agreeing to buy 1.5 GW of solar modules from Heliene. True to its ethos of promoting local industry, these modules are produced in North America, with Heliene operating factories in Ontario, Canada, Florida, and Minnesota.
This latest capital injection indeed reflects surging confidence in independent renewable energy providers to transform our aging infrastructure and reshape our power grid. With forward-looking solar companies like Nexamp at the helm, the future of community solar looks more vibrant than ever. I, for one, am excited to see what this augurs for the expansion of solar array for home use.
That’s all for now, solar enthusiasts. Over time, the benefits of solar power have only become more evident; today’s groundbreaking announcement is just further proof of that! Remember, renewable energy is not just about empowering ourselves; it’s about powering our future. Join me again soon for more insights into all things solar.
Original Articlehttps://pv-magazine-usa.com/2024/04/10/community-solar-provider-secures-over-half-billion-dollar-investment/
