Nexamp, a U.S.-based solar energy company, has secured a $440 million senior secured credit facility for its 380 MW of solar and storage portfolio that spreads across five states and includes nearly 100 community solar projects equipped with 120 MWh of storage capacity.

The funding would help the company enhance its growth over the coming years. Nexamp develops, acquires, builds, owns, and operates solar plus storage projects. It currently has 300 new solar and storage projects in the pipeline and 300 MW of operational renewable energy capacity.

According to the U.S. Department of Energy, in community solar projects, individuals can either buy or lease a portion of the solar panels in the array. They receive an electric bill credit for electricity generated by their share of the community solar system.

Peter Tawczynski, Chief Financial Officer of Nexamp, said, “We have built progressive and accessible community solar model available today, removing many traditional barriers and making it simple for consumers to partner with Nexamp. As we bolster our solar portfolio with energy storage solutions, we look forward to launching new products in more geographies.”

Zaid Ashai, Chief Executive Officer of Nexamp, said, “The financing enables Nexamp to double down on its mission to deliver sustainable energy options for our consumers in an equitable manner.”

MUFG Union Bank served as the lead arranger for one of the largest debt funding for a community solar portfolio that included participation from a group of lenders, Nexamp said.

Takaki Sakai, Managing Director of MUFG’s Project Finance team, said distributed power generation,  and community solar in particular, is a growing segment of the renewable energy market that can help reduce carbon emissions with the participation of a wide range of community members.

In September 2020, Nexamp had acquired a 50 MW portfolio comprising ten community solar projects from Dimension Energy.

Mercom had earlier reported that the AES Corporation announced the closing of $154.2 million in non-recourse debt financing for the 400 MWh standalone battery storage project Luna Storage, located in California, United States.