Nexamp's $520M Funding Round Marks Milestone in US Community Solar Expansion

The renewable energy sector witnessed a significant development as Nexamp, Inc. successfully closed a $520 million capital raise, with Manulife Investment Management leading the funding round alongside existing backers such as Generate Capital. The achievement underscores growing investor confidence in distributed solar solutions and marks a pivotal moment for the community solar landscape in the United States.

The Story Behind Nexamp’s Ownership and Growth

Understanding who owns Nexamp requires looking at its evolution over the past decade. Mitsubishi Corporation, the Tokyo-based conglomerate, initially invested in Nexamp back in 2016 when the company was still in its early stages. By 2018, the partnership deepened as Nexamp transitioned into a subsidiary under Mitsubishi’s control, specifically through its wholly owned subsidiary Diamond Generating Corporation (DGC). This structural arrangement has proven instrumental in Nexamp’s rapid expansion and operational strengthening.

Since establishing majority control, Mitsubishi has channeled both capital and organizational expertise into enhancing Nexamp’s capabilities. The company developed end-to-end competencies spanning project development, acquisition, design, construction, operations, and asset management. What truly differentiated Nexamp in a competitive market was its integrated approach combining development expertise with industry-leading customer acquisition and management solutions powered by digital marketing technologies.

Exponential Growth in Portfolio and Capacity

The numbers tell a compelling story of transformation. When Mitsubishi first took an interest in 2016, Nexamp’s assets under management generated approximately 40MW of capacity. Today, that figure has expanded exponentially to over 1.5GW of operational and under-construction capacity—sufficient to power more than 300,000 households across the United States.

This latest capital raise will accelerate development of distributed solar and storage assets, enabling Nexamp to expand its footprint in a market experiencing rapid growth. The funding validates the business model centered on community solar subscriptions, which allow households and businesses to access renewable energy without bearing the infrastructure costs or navigating building-code restrictions that typically accompany rooftop installations.

Strategic Direction Forward

Mitsubishi Corporation’s commitment to supporting Nexamp extends beyond financial investment. The conglomerate plans to leverage the new shareholders’ diverse expertise to enhance corporate value while simultaneously securing additional growth capital and broadening the investor base. This multi-stakeholder approach positions Nexamp to capitalize on the anticipated surge in US renewable energy adoption in coming years, with community solar projects gaining regulatory support across numerous states.