The developer and operator closed a $340 million private placement debt refinancing with PGIM Private Capital.
Nexamp, a distributed solar and energy storage developer and operator, announced it closed a $340 million private placement debt refinancing with PGIM Private Capital.
The refinancing is expected to enhance the company’s financial position while providing flexibility for continued growth. The refinancing covers a portfolio of 39 solar facilities in seven states, representing 150 MW of solar and 37 MWh of energy storage.
The transaction includes a $107 million PPC Shelf Facility that enables Nexamp to tap additional capital for future solar projects. The company said the funds will support new project development over the next three years.
“This financing provides long-term stability and ensures we remain focused on advancing the energy transition with sustainable, reliable, and cost-effective solutions,” said Zaid Ashai, chief executive officer, Nexamp.
Nexamp owns and operates over 1 GW of solar power capacity across the United States, with “several more gigawatts” currently in construction or under development.
Walmart
Nexamp has a high-profile partner in Walmart. The company announced it will develop more than 120 MW of distributed community scale solar projects for the retail giant in 31 solar projects across five states.
The solar facilities will be in five states: Maine, Massachusetts, New York, Illinois and Minnesota. A spokesperson for Nexamp told pv magazine USA they expect the new solar projects to begin going online in mid-2025 and on into 2026.
The 31 community solar projects are expected to provide the benefits of affordable, renewable energy to subscribers across the five states. Customers can expect to see significant energy cost reductions, with overall savings totaling more than $2 million per year.
Walmart has the fifth highest solar procurement among U.S. corporations, according to the Solar Energy Industries Association. Walmart is also among the top five companies for onsite solar installations.
