Nexamp outlines $3.9 billion investment in US community solar

Nexamp says it aims to develop 3 GW of community solar through 2028.

From pv magazine USA

Nexamp aims to expand its generation capacity in the United States by 160% by 2028, reaching nearly 3 GW in capacity. This represents an investment of roughly $3.9 billion, said the company.

The company is expected to use domestically produced solar panels from Silfab Solar, thereby avoiding import tariffs.

Nexamp develops community solar projects, arranging contracts under which electricity ratepayers can subscribe to a project to save on electricity bills. The company said its subscribers save an average of $275 annually on bills while supporting local solar development.

The community solar developer operates over 1 GW of solar power capacity across the United States.

Nexamp has raised more than $1.5 billion in the past several years, through a combination of traditional equity, tax equity, and debt financing. This funding has come from a variety of financial partners, from banks to corporate partners. The company continues to secure additional capital as needed. Mitsubishi, through its wholly owned subsidiary Diamond Generating Corp. (DGC), is one of Nexamp’s shareholders and is expected to play a role in this planned expansion.

The community solar developer also announced it will develop more than 120 MW of distributed community scale solar projects for retail giant Walmart in 31 solar projects across five states.

In May, Mitsubishi announced it invested in Solestial, Inc. a US-based startup specializing in the development and production of solar cells for space applications.

pv magazine USA adjusted this article, which originally stated that Japanese trading house Mitsubishi had announced an estimated $3.9 billon investment in solar energy development in the United States, according to Japanese media outlet Nikkei.