Nexamp enters a new phase of growth with a $520 million capital investment to expand its solar development program. Meanwhile Excelsior Energy has entered a multiyear contract to purchase Heliene solar panels, and Origis Energy has secured $317 million to build two utility-scale projects in this installment 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 expedite deployment of its national project pipeline, accelerate expansion and developer partnerships in new and existing markets, and fuel the continued growth of its generation and consumer-driven offerings.
The scale of the investment reflects the immense surge in demand for renewable power across the United States and a growing appreciation within the investor community of the essential need to balance utility-scale infrastructure with reliable distributed power solutions in navigating the clean energy transition.
Community solar has emerged as the industry’s fastest-growing segment and this investment firmly recognizes Nexamp’s leading position in the rapidly maturing market sector. In overseeing every facet of the solar asset lifecycle — from development and engineering to operations and customer acquisition and engagement — Nexamp has successfully leveraged a unique and comprehensive business model to deliver local access to clean energy and high-quality jobs in the communities it serves.
“This landmark financing comes at a pivotal moment 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 Nexamp CEO Zaid Ashai. “This unprecedented investment reflects swelling confidence in the ability of independent renewable energy providers to reimagine outmoded infrastructure and reshape our grid. Nexamp is committed to deep collaboration with communities across the nation in building a more sustainable future for us all.”
Excelsior Energy Capital enters multiyear supply agreement with Heliene
Excelsior Energy Capital has entered a multiyear agreement to acquire 2 GW of photovoltaic modules from Heliene Inc.
The PV modules supplied under the agreement will primarily be produced at an existing Heliene factory in Mountain Iron, Minnesota, and at a new factory the company plans to build in the greater Minneapolis-St. Paul area.
“The Excelsior team is excited by the wide-ranging benefits of this new agreement, which materially derisks supply of PV modules for our projects and allows us to work collaboratively alongside an established industry player as they expand and innovate over time,” said Chris Frantz, partner at Excelsior.
“The agreement also deepens the confidence that other partners can have in the Excelsior team, as it delivers unmatched assurance in our ability to supply the necessary equipment for the solar energy projects that we invest in,” added Ryan Fegley, cofounder and partner at Excelsior.
A 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 growth of American clean energy jobs and manufacturing capacity. The agreement will materially reduce supply chain risk 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 secured $317 million in project tax equity funding from J.P. Morgan for two utility-scale solar and solar plus battery storage projects located in New Mexico and Mississippi respectively.
Escalante Solar is a 200 MWac solar plant under construction in the southwest for Tri-State Generation and Transmission Association and its member electric cooperatives. Tri-State and Origis Energy recently announced reaching the milestone of over 250,000 solar panels installed at the project. Escalante Solar is being built on the site of the former, 253-megawatt, coal-fired Escalante Station, which was retired in 2020, as Tri-State continues its clean energy transition. The project will come online in 2024.
Golden Triangle II, a 150 MWac solar project with 50 MW / 4 hours (200 MWh) of 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 solar plus 600 MWh of battery storage, the portfolio represents the largest solar plus storage deployment in the state. The projects will deliver clean energy and grid resiliency at competitive rates under Power Purchase Agreements executed between Origis Energy and the Tennessee Valley Authority (TVA).
“J.P. Morgan is one of the largest financiers of clean energy and this collaboration ensures Escalante Solar and Golden Triangle II meet key customer goals for decarbonization and grid resiliency,” said Vikas Anand, chief operating officer and chief financial officer, Origis Energy.
The tax equity agreement leverages both the Investment Tax Credit (ITC) and the Production Tax Credit (PTC) incentives of the Inflation Reduction Act. For Golden Triangle II the deal used the ITC, for Escalante Solar the PTC provision is being used.
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 across 15 states over the next three years.
Tags: Community Solar, Excelsior Energy Capital, Financing, Heliene, Nexamp, Origis Energy, utility-scale
