"Nexamp Nabs $520M To Build Community Solar Across The US"

"Community solar helps people who can’t get rooftop solar access the benefits of solar ownership. Developer Nexamp just raised a boatload of money to build more of it."

"Nexamp, a community solar developer and project owner, has secured a whopping $520 million to install solar arrays around the nation in one of the largest capital raises to date for this growing sector.

Community solar gives renters, small businesses and organizations the chance to benefit from local solar power even if they can’t put panels on their own roofs. The approach has helped households across more than 20 states access solar that they wouldn’t otherwise have been able to. The Department of Energy aims for 5 million households around the country to sign up for community solar by next year.

Policies differ state by state, but typically, community solar subscribers pay a monthly charge and then receive a credit on their utility bills for the power generated by their fraction of a solar array. This credit is usually larger than the fee they pay. In many states, community solar has gained bipartisan support because of its benefits to low-income households now burdened by disproportionate energy bills.

6.5 gigawatts of community solar have been installed in the U.S. through the first three months of 2024, according to the Solar Energy Industries Association (SEIA). Nexamp, for its part, has 1.5 gigawatts of assets that are operating or in the final stages of construction, its CEO Zaid Ashai told Canary Media. It also has ​“several gigawatts of real pipeline,” he said."

Eric Wesoff reports for Canary Media April 12, 2024.

Source: Canary Media, 04/16/2024