Captona Backs Nexamp Solar Portfolio That Includes Maine Projects

Investment firm Captona LLC said on October 13 that it had closed a preferred equity investment with solar developer Nexamp that will help finance 10 projects in Maine, Illinois, Massachusetts and New York, according to POWER Magazine.

The projects total 55 megawatts of solar generating capacity along with 5 megawatt-hours of battery storage. The companies did not disclose how many of the projects are located in Maine or how much of the capacity they represent.

Captona, which focuses on energy transition assets in North America, began offering its preferred equity financing structure in 2023. The firm said it holds close to $3.5 billion in enterprise value and owns and operates more than 50 generation projects across storage, solar, microgrids, fuel cells and renewable natural gas.

Nexamp, which develops distributed generation and community solar, has roughly 1.5 gigawatts of renewable generation in operation and additional capacity under construction or in development.

Anjali Patel, vice president of capital markets and strategy at Nexamp, said bringing new generation online quickly to meet rising demand "takes strong, flexible partnerships across the industry."

Kirkland & Ellis LLP advised Captona on the transaction and Orrick, Herrington & Sutcliffe LLP advised Nexamp.

This story was first reported by POWER Magazine.