Foley Represents First Citizens Bank in $106M Financing for Nexamp

Foley & Lardner LLP represented First Citizens Bank as lead arranger and administrative agent in the $106 million financing for Nexamp, the largest fully integrated distributed generation and community solar provider in the United States. First Citizens Bank is joined in the lending group by Huntington Bank and Siemens Financial Services.

The new financing leverages Nexamp’s strong, long-term cash flow to provide capital for reinvestment in new solar developments while keeping costs low for customers. The five-year facility will provide long-term funding for a portfolio of 20 operating community solar projects across New York, Illinois, Maine, and Massachusetts, including projects that deliver community solar bill credits and savings to households, small businesses, municipalities, and other customers.

Foley’s energy finance team was led by partner Darin Lowder and senior counsel Sunita Paknikar with support from partners Melanie Clark and Sarah Slack, of counsel Scott Johnson, senior counsel Sadie Olson, and associates Christopher Duda, Noah Koleske, Katie Plachta, and Sophia Pfander.