Nexamp has secured a three-year, $330m Construction Warehouse Facility (CWF) from a consortium of financial institutions to support the development and construction of around 20 new distributed generation projects.
The financing will provide flexible construction capital for Nexamp’s near-term solar and energy storage pipeline, with completed assets expected to transition into long-term financing structures such as tax equity or refinancing.
The company said this will help sustain renewable energy growth and strengthen domestic energy resources.
MUFG led the facility with a $200m commitment, serving as Mandated Lead Arranger and Administrative Agent. ING followed with $100m, taking on roles including Mandated Lead Arranger, Lender, Hedge Provider, and Green Loan Structuring Agent.
Siemens Financial Services contributed $30m as Joint Lead Arranger, while U.S. Bank National Association acted as Collateral Agent.
Zaid Ashai, CEO of Nexamp, said the transaction marks a major milestone in the company’s growth. “This facility underscores the strong confidence leading financial institutions have in our proven national platform,” he said.
“By securing flexible construction capital, we are better positioned to deliver the clean energy projects that communities across the country urgently need as demand rises. Solar continues to be the most cost-effective and easy-to-deploy source of new electricity, outpacing all other sources by a wide margin already this year.”
The lenders also emphasised the importance of the collaboration in supporting the clean energy transition.
“MUFG is proud to partner with Nexamp on this important financing, which advances our shared commitment to accessible, affordable energy,” said Takaki Sakai, Managing Director, Project Finance, MUFG.
“We are proud to support Nexamp with this innovative and sustainable financing solution,” added Filipe Barreto, Director, Renewables and Power, ING Americas.
Jim Fuller, Head of Project Finance at Siemens Financial Services, Inc., said: “At a time of increasing power demand, these projects will provide local communities with resilient clean energy.”
Nexamp said the transaction highlights the key role construction warehouse financing plays in expediting renewable energy deployment across the US.
