U.S. solar and energy storage businesses secure near $1 billion in flurry of deals
Nexamp, Energy Vault, Generate Capital and NineDot Energy all announced major transactions to infuse more capital in their businesses.
October 9, 2025 Ryan Kennedy
A Nexamp solar project
Image: Nexamp
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U.S. solar and energy storage businesses continue to secure financing to scale business and build out the renewable energy transition across the United States.
Across four transactions, at least $890 million in financing was recently announced, demonstrating the strength of solar as it marches toward being the second largest source of electric capacity in the United States.
Energy Vault
Global grid-scale energy storage provider Energy Vault announced it secured a $300 million preferred equity investment with Orion Infrastructure Capital, launching a fully consolidated subsidiary called Asset Vault.
The company said Asset Vault is dedicated to developing, building, owning and operating energy storage assets globally. It said the capital will accelerate the deployment of 1.5 GW + of energy storage projects. The preferred equity instrument is non-dilutive to common shareholders and includes milestones for common equity participation in the listed company.
Jefferies LLC acted as sole placement agent and exclusive financial advisor, and Vinson & Elkins LLP acted as legal advisor, to Energy Vault. Greenberg Traurig, LLP acted as legal advisor to OIC.
Including the recapitalization of the recently completed Calistoga Resiliency Center (CRC) in California, as well as the Cross Trails BESS, located in Snyder, Texas, Energy Vault said it expects to draw nearly $200 million over the next six months to commence work on two additional late-stage projects in the U.S. and Australia, which includes the 125MW / 1,000MWh Stoney Creek BESS, along with the advancement of additional pipeline projects under development.
Energy Vault said the Asset Vault platform creates a vertically integrated business, capturing value across the entire energy storage lifecycle by combining Energy Vault’s proven operational experience with long-term asset ownership to generate predictable, recurring cash flows. Energy Vault will self-perform engineering, procurement, construction (EPC), and long-term service agreements for Asset Vault projects.
Nexamp
Community solar developer Nexamp announced it secured a $330 million construction warehouse facility. The financing is expected to help Nexamp develop, construct and finance a portfolio of about 20 new distributed solar assets, representing about 120 MW of new capacity.
The capital is expected to support Nexamp’s near-term pipeline of solar and energy storage projects. Once completed, these assets are expected to transition into long-term financing structures, including tax equity funding or refinancing.
MUFG committed $200 million as the largest lender in the facility, also serving as mandated lead arranger and administrative agent. ING followed with a $100 million allocation and additional responsibilities as mandated lead arranger, lender, hedge provider, and green loan structuring agent. Siemens Financial Services contributed $30 million as joint lead arranger and U.S. Bank National Association acted as collateral agent.
“By securing flexible construction capital, we are better positioned to deliver the clean energy projects that communities across the country urgently need as demand rises. Solar continues to be the most cost-effective and easy-to-deploy source of new electricity, outpacing all other sources by a wide margin already this year,” said Zaid Ashai, chief executive officer, Nexamp.
NineDot Energy
NineDot Energy, a developer of community-scale battery energy storage systems for the New York City metro area, announced the close of a $175 million revolving debt financing from Deutsche Bank.
NineDot said it will use the debt financing to support activities across the development timeline, from grid interconnection deposits, to equipment procurement, and project construction. The facility also enabled NineDot to pay back its existing revolver for funding grid interconnection deposits with NY Green Bank.
New York State has a goal of 6 GW of battery storage in operation by 2030.
NineDot Energy currently has seven operating projects across four locations in The Bronx and Staten Island. The company said its projects supported approximately 26,000 New York City households on hot summer days in 2025. With more than 60 additional projects in some phase of development or construction, NineDot pursues a goal of 400 MW of energy storage in development, construction or operation by the end of 2026.
Generate Capital
Generate Capital, an infrastructure investment firm, announced it closed $85 million in tax equity with Solcap, a renewable energy tax equity and investment tax credit transfer platform run by KeyState. Launched in 2019, Solcap has deployed or committed over $1 billion in capital to develop 200+ renewable energy projects in communities across more than a dozen states.
The funds are expected to support eight community solar projects across New York and Illinois, totaling 38 MW. The projects are scheduled to achieve commercial operation between Q4 2025 and Q1 2026.
Counsel for the transaction included Orrick as sponsor counsel and Kutak Rock as investor counsel.
Including the latest close, Generate Capital has raised over $807 million in project debt and over $608 million in tax equity, or over $1.4 billion in total in 2025. The company owns and operates more than 430 MW of community solar in the United States.
“Community solar continues to be one of the most effective ways to expand access to clean energy while delivering tangible local benefits,” said Peggy Flannery, Managing Director, Investments, at Generate Capital.
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