Nexamp Secures $520 Million in Capital Raise Led by Mitsubishi Corporation to Propel Community Solar Growth in the United States

In a significant move within the renewable energy sector, Mitsubishi Corporation (MC) has announced the successful completion of a $520 million capital raise for Nexamp, Inc., a leading player in the community solar industry in the United States. The funding round was notably led by Manulife Investment Management, with contributions from existing shareholders, including Generate Capital.

Since acquiring an initial stake in Nexamp in 2016 and subsequently making it a subsidiary in 2018, Mitsubishi Corporation has been instrumental in driving the company’s growth. This has involved not only financial investments but also the provision of human resources aimed at bolstering Nexamp’s project development and risk management capabilities. Efforts to fortify the company’s governance structures have also been paramount, ensuring a robust foundation for business stability. In addition, support from DGC has played a critical role in expanding Nexamp’s portfolio in distributed solar and storage assets through strategic investment and financing solutions.

The impact of these concerted efforts is evident in Nexamp’s remarkable growth trajectory. From a modest power generating capacity of 40MW at the time of MC’s initial investment, Nexamp has surged ahead to manage a portfolio exceeding 1.5GW. This capacity is not only significant in scale but also pivotal in its capability to power over 300,000 households across the United States.

Looking ahead, Mitsubishi Corporation remains committed to propelling Nexamp’s forward momentum in the U.S. renewable energy market, which is poised for substantial growth in the foreseeable future. By facilitating further capital raises and broadening Nexamp’s investor base, MC aims to leverage the diverse expertise of new shareholders. This strategic collaboration is expected to further amplify Nexamp’s corporate value, underscoring Mitsubishi Corporation’s dedication to advancing renewable energy solutions on a global scale.