Macquarie Asset Management Commits $US350 Million to Support Nexamp in Its U.S. Utility-Scale Solar and Battery Storage Expansion

Today, Macquarie Asset Management announced it has facilitated $US350 million of long-term financing to Nexamp, Inc. (“Nexamp”), one of the largest owners of commercial and industrial solar projects in the U.S., to support the construction of utility-scale solar and battery storage projects.

Nexamp stands as a leading developer, owner, and operator of distributed generation solar and storage assets across the U.S. Backed by strategic investments from a diverse coalition of three highly reputable equity sponsors, Nexamp is well-positioned as a key player in the renewable energy sector. In 2021, Nexamp expanded into the utility-scale solar sector, and is now seeking financing to support capital expenditure requirements for the construction of its 6 GW utility-scale project pipeline.

"We are looking forward to the expansion of our partnership with the Nexamp team as they embark on the next chapter of strategic growth. We believe this relationship will allow the team to realize rapid success in the utility-scale energy transition market,” said Harlan Cherniak, Head of Americas Infrastructure Debt at Macquarie Asset Management. "Through this $US350 million facility, we will continue to solidify our Credit & Insurance division as a global leader in the infrastructure and asset-based credit market."

"Given rising electricity demand and the need for reliable, low-cost, and homegrown power, we are seeing significant need for utility-scale solar and battery storage projects," said Matthew Sweeney, Managing Director at Macquarie Asset Management. "This transaction features a highly bespoke structure that delivers Nexamp the flexibility needed to achieve their key objectives. By enabling Nexamp to advance its 6 GW utility-scale pipeline, this transaction positions the company to capitalize on the growing market demand and deliver sustainable, clean energy solutions at scale."

“America’s energy demand is rising rapidly, and the fastest, most affordable way to meet it is with solar and storage,” said Zaid Ashai, CEO of Nexamp. “With a proven track record of deploying more than a gigawatt of distributed solar, Nexamp is well positioned with this new financing to bring utility-scale projects online quickly while building the pipeline needed to deliver reliable, low-cost clean energy for the future.”

Macquarie Asset Management’s Credit & Insurance division is a global credit and insurance platform with approximately $US222 billion in assets under management.¹ The platform offers focused expertise and solutions across the liquidity, risk, and return spectrums and has approximately $US40 billion of private credit assets under management.²