Nexamp, the largest fully integrated distributed generation and community solar provider in the United States, today announced the closing of a $106 million financing facility led by First Citizens Bank. The five-year facility will provide long-term funding for a portfolio of 20 operating community solar projects across New York, Illinois, Maine, and Massachusetts.
The new financing leverages Nexamp’s strong, long-term cash flow to provide capital for reinvestment in new solar developments while keeping costs low for customers. The portfolio includes projects that deliver community solar bill credits and savings to households, small businesses, municipalities, and other customers in four states.
First Citizens Bank served as lead arranger and administrative agent for the transaction and is joined in the lending group by Huntington Bank and Siemens Financial Services. Huntington Bank’s participation reflects its continued focus on renewable energy following its recent integration of Cadence Bank, while Siemens Financial Services brings additional experience in supporting clean energy infrastructure. Siemens Financial Services previously participated in a $330 million financing with MUFG for Nexamp last 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.”
“We are pleased to support Nexamp with this financing and help advance the growth of community solar across multiple states,” said Mike Lorusso, Group Head of Energy Finance at First Citizens Bank. “Nexamp has built a strong track record as an owner and operator of local clean energy projects, and this facility reflects First Citizen’s ongoing commitment to work with industry leaders, like Nexamp, to bring more affordable, sustainable power to communities around the country.”
Founded in 2007, Nexamp has built one of the nation’s largest distributed energy platforms, handling everything from project development and construction to long-term operations and customer support in-house. The financing announced today is part of Nexamp’s broader strategy to work with leading financial partners, expand access to clean energy, and help meet rising U.S. electricity demand with affordable local, renewable resources.