US$100 million in financing has been secured for US community solar, battery storage and hybrid solar-plus-storage projects by developer Nexus Renewables.
Nexus is described as a developer, owner and operator of renewable energy projects with a focus on energy storage. The company is active in New York, California, Texas, the PJM and ISO New England service areas as well as Ontario in Canada, providing solar and battery energy storage system (BESS) technology under a leasing, shared savings and power purchase agreement (PPA) business models, sometimes combining leasing and shared savings.
Enjoy 12 months of exclusive analysis
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Annual digital subscription to the PV Tech Power journal
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
In late 2020, Energy-Storage.news reported that Nexus Renewables had been awarded a 15-year contract for 27MW / 108MWh of distributed behind-the-meter battery storage by California utility Pacific Gas & Electric (PG&E).
PG&E had been ordered the previous year to procure at least 716.9MW system reliability resources by the California Public Utilities Commission, to mitigate the impacts of several large-scale fossil fuel generators in the state facing retirement, with Nexus’ AMCOR Project among a total 387MW / 1548MWh of battery storage contracts awarded by PG&E as a result.
Nexus Renewables said yesterday that it has entered an agreement with Scale Microgrid Solutions (SMS), a vertically-integrated distributed energy platform company which finances as well as designs, builds, owns and operates distributed energy assets.
Scale Microgrids has financed and worked on everything from community solar portfolios to fleet electrification and resilient, low carbon and low cost power solutions for commercial agriculture.
SMS will fund development, construction and acquisition of the US$100 million portfolio for Nexus Renewables, which are in various locations around the US.
“Partnering with Nexus Renewables on this project pipeline draws on the breadth of SMS’ capabilities to provide flexible turnkey financing solutions at scale,” SMS chief investment officer Julian Torres said.
“This investment is in-line with our commitment to fund and acquire innovative energy infrastructure projects that provide resiliency and clean energy solutions in markets across the United States.”
Nexus Renewables president Keith Sandor said his company “prides itself as one of the best in identifying and serving underserved solar and energy storage market opportunities,” advancing construction-ready projects in multiple markets.
“Securing SMS as an institutional partner not only reinforces this core competency, but also provides continued access to capital to support rapid growth.”
Greenbacker Capital Management enters battery storage market with investment into developer Delorean
Also this week, Virginia-headquartered energy storage developer and owner-operator Delorean Power raised investment from Greenbacker Capital Management, aiming to scale up its platform and advance its pipeline of standalone battery energy storage projects in the US.
Greenbacker has made an initial US$20 million investment commitment in its strategic equity investment. Delorean, founded in 2019, is also raising a “significant amount” of asset-level capital, the company said.
The deal marks Greenbacker’s entry into the energy storage market.
“We spent a significant amount of time looking for the right battery storage partner, and we believe Delorean is well positioned for success over the next several years. The firm’s leadership has built a strong business and we look forward to growing from that solid foundation,” Ben Baker, managing director and principal of the Greenbacker-affiliated fund which is making the investment, said.