Nexamp Closes $340 Million of Institutional Debt Facilities with PGIM Private Capital
Boston, April 28, 2025 (GLOBE NEWSWIRE) — Nexamp, a leading national developer and operator of distributed solar and energy storage systems, has successfully closed a $340 million private placement debt refinancing with PGIM Private Capital (PPC), the private credit business of global asset manager PGIM.
This transaction further solidifies Nexamp's position as an innovator in the renewable energy sector and enhances its financial position while providing flexibility for continued growth. In total, this refinancing covers a portfolio of 39 solar farms in seven states, representing 150 megawatts of solar generation and 37 megawatt-hours of storage.
The deal also extends Nexamp's status as a leading force in the distributed solar market, where it owns and operates more than 1 gigawatt of solar power capacity across the United States, with several more gigawatts currently in construction or under development.
'We are pleased to partner with PPC on this important financing deal,' said Zaid Ashai, CEO of Nexamp. 'The transaction strengthens Nexamp's financial position and supports our ongoing expansion across the U.S. With more than 150 megawatts of generation and critical energy storage capabilities in this portfolio alone, we are well positioned to meet the growing demand for domestic energy. This financing provides long-term stability and ensures we remain focused on advancing the energy transition with sustainable, reliable, and cost-effective solutions.'
The deal provides several long-term benefits to Nexamp, including confirmation of institutional investor interest in both Nexamp and its growing community solar pipeline. The refinancing also allows Nexamp to streamline its reporting by consolidating its financial structure in a way that supports more efficient management of its growing portfolio of assets.
As part of Nexamp's commitment to advancing energy independence across the U.S., the $107 million PPC Shelf Facility included in the deal gives Nexamp the flexibility to tap additional capital for future solar projects. Over the next three years, these funds will be used to support solar and storage projects across multiple states, further bolstering the company's efforts to bring new energy sources and job opportunities to communities nationwide.
'We are proud to support Nexamp as they continue expanding access to solar energy across the United States,' said Steven Hendricks, Principal at PGIM Private Capital. 'This transaction reflects our commitment to financing sustainable partners driving the energy transition. We look forward to working alongside the Nexamp team as they continue to execute on their growth strategy.'
Nexamp continues to lead the charge in quickly and efficiently adding new energy resources, with a diversified portfolio of solar and storage assets designed to meet the evolving energy needs of communities across the country. The company's focus on distributed energy solutions provides customers with reliable and cost-effective energy, while also helping to reduce the risks of price volatility associated with fossil fuels.
The successful closing of this refinancing deal highlights Nexamp's strong financial position and its ability to attract strategic partnerships with leading financial institutions. As Nexamp continues to expand its solar and storage portfolio, the company is poised to play a critical role in driving the U.S. toward a more affordable and resilient energy future.
About Nexamp
Nexamp is transforming the new energy economy with proven solar and storage solutions, and inviting individuals, communities, and businesses to take part in the benefits. Our end-to-end capabilities—including project development and acquisition, design, construction, and operations—position Nexamp as a just and equitable market leader. By building integrated clean energy products, we ensure that both savings and job opportunities reach everyday Americans. With more than 1 GW of renewable energy-generating assets currently in operation or under construction, we're building a cleaner and more resilient future. Visit us at www.nexamp.com.
About PGIM Private Capital
For nearly 100 years, PGIM Private Capital has been partnering with a wide range of corporations, sponsors, and institutions to provide valuable insights and customized capital solutions that enable them to achieve their growth and funding goals. In an industry where capital can seem like a commodity and relationships are often fleeting and transactional, we strive to build enduring local partnerships based on a steady and patient commitment to our partners' long-term capital needs. With regional teams in 15 offices around the world, we manage a portfolio of $106.6 billion for our partners (as of 12.31.24).
Attachments Solar + Storage in Massachusetts
Solar on Landfill in Illinois
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
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