Nexus Renewables secures more than $40m in storage finance

Nexus Renewables, a North American developer of renewable power projects and energy storage solutions, has confirmed the simultaneous closing of a $13.3 million senior secured loan led by Aiga Capital Partners, a $14.5 million project-level financing led by Synovus Bank, a C$5 million (US$3.7 million) commitment for privately-placed preferred shares, and a $10.8 million tax equity commitment led by Greenprint Capital. 

Proceeds from the financings will be used to construct a 10MW/40MWh battery energy storage system located in Fairfield, California, as well as step up development of the remainder of the company's portfolio, which includes a 300MW/600MWh battery storage project located near Houston, Texas.

“This transaction is transformative for Nexus Renewables as the company pivots from a pure-play renewable developer to an independent power producer,” a statement said.

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