Nexamp, the US-based developer of solar energy projects backed by Diamond Generating Corporation, a clean energy subsidiary of diversified conglomerate Mitsubishi Corporation, has received a $240m equity injection from sustainable infrastructure investment firm Generate Capital.
Founded in 2007, Nexamp develops, owns and operates solar energy and energy storage projects in the US, currently holding a portfolio of nearly 1GW in power generation capacity under construction or in operation. The new money will go to expanding into new markets.
Diamond Generating Corporation invested an undisclosed sum in August 2016, before Nexamp raised $14.5m in funding in June 2017 and $54m in August 2018, according to regulatory filings.
The company had already attracted $4m in funding from unnamed backers in March 2016, having obtained $6.5m from Point Judith Capital and Good Energies in 2010.
Zaid Ashai, CEO of Nexamp, said: “This funding represents a show of confidence in our team and vision, and we are committed to continuing to provide solutions to address surging clean energy demand.
“With our track record and momentum in community solar, we have built a foundation for numerous additional opportunities to expand our customers’ access to clean energy and sustainable solutions.”
