Nexamp, a developer of solar and battery storage projects, has closed a $106 million financing facility led by First Citizens Bank to support a portfolio of 20 operating community solar projects across New York, Illinois, Maine, and Massachusetts.

The five-year facility will provide long-term funding backed by cash flows from Nexamp’s operating community solar assets. The company said the financing will allow it to reinvest capital into new solar developments while supporting customer cost savings.

The portfolio includes projects that provide community solar bill credits and savings to households, small businesses, municipalities, and other customers across the four states.

First Citizens Bank served as the lead arranger and administrative agent for the transaction. Huntington Bank and Siemens Financial Services joined the lending group.

Siemens Financial Services has previously supported Nexamp, including as a participant in a $330 million financing with MUFG in October.

“This deal with First Citizens Bank underscores Nexamp’s commitment to investing in local clean energy at a time when global energy markets are volatile and uncertain,” noted Zaid Ashai, CEO of Nexamp. “By partnering with lenders that understand our markets, we can keep building projects, expand access to meaningful bill savings for individuals and businesses, and strengthen the resilience of the communities and grids we serve.”

Founded in 2007, Nexamp is a U.S.-based distributed generation and community solar provider. Its platform covers project development, construction, long-term operations, and customer support.

In April 2026, the company secured a $200 million credit facility from Nuveen Energy Infrastructure Credit, acting as the sole lender. The proceeds will be used to accelerate the deployment of Nexamp’s solar projects and expand its customer base amid rising electricity demand.

According to Mercom’s recently released Q1 2026 Solar Funding and M&A report, announced large-scale solar project funding increased by 61% year over year in Q1 2026.