Boston-based clean-energy developer Nexamp has pulled in roughly $180 million in equity from two investors, a fresh jolt of capital aimed at speeding up construction of community solar farms, battery projects and agrivoltaic or “solar grazing” sites. The money is intended to move more projects from the drawing board into the ground and to deliver bill savings to renters and homeowners who cannot host rooftop panels, while bolstering Nexamp’s balance sheet as demand for distributed solar keeps climbing across the country.
The funding round was first detailed by the Boston Business Journal, which reports that the roughly $180 million came from two institutional equity investors and will be used to expand Nexamp’s portfolio of community solar and storage projects. The outlet also notes that the company employs about 222 people in Massachusetts.
What Nexamp Builds
Nexamp develops community solar farms that let households, renters and small businesses subscribe for bill credits instead of installing panels on their own roofs. Customers sign up for a slice of a shared project, then see credits appear on their utility bills, pairing clean energy with a modest discount.
The company also relies on corporate offtake and subscription agreements that help underwrite construction, a model it highlighted in a recent corporate-partnership announcement. These deals, Nexamp says, help push projects into construction more quickly and deliver predictable savings for subscribers, according to Nexamp.
Solar Grazing And Local Projects
Nexamp has also been testing out “solar grazing,” which swaps gas-powered mowers for four-legged landscapers. At a 30-acre community-solar site in Newfield, New York, the company has brought in sheep to manage vegetation around the panels. The developer says that approach cuts maintenance-related emissions and creates revenue opportunities for local farmers, a pilot that agribusiness outlet Feedstuffs has covered.
The Newfield project now serves more than 1,000 residents through Nexamp’s subscription model, according to the Boston Business Journal, offering a snapshot of how the company’s shared-solar approach plays out on the ground.
Why The Money Matters
Federal data show the broader market is shifting fast. The U.S. Energy Information Administration expects solar and battery storage to make up the bulk of new generating capacity additions this year, which keeps pressure on developers to line up construction financing and tax equity. Fresh equity becomes especially attractive for companies like Nexamp, since that capital can help projects clear interconnection queues and start delivering bill relief to subscribers, according to the U.S. Energy Information Administration.
For Boston, the raise highlights the city’s role as home base for a national community-solar operator that has been growing its project pipeline and hiring for construction and operations roles. Nexamp said last year that it raised more than $1.5 billion in capital, and it is using partner funding and corporate subscriptions to push dozens of projects toward completion.
