Apricus Generation acquires a controlling interest in Nexus Renewables

The transaction positions Nexus as a solution provider and consolidator to address underserved markets in the energy transition.

TORONTO, May 29, 2024 /PRNewswire/ – Nexus Renewables (“Nexus”) and Apricus Generation (“Apricus”) are pleased to announce that Apricus has completed its acquisition of a controlling interest in Nexus. Apricus’ investment marks the beginning of a partnership between Apricus and Nexus to create an industry-leading developer, aggregator, owner and operator of solar and energy storage technologies. Apricus Generation is a new holding company tasked with building a national platform for the development of distributed solar energy and batteries and an independent power producer (IPP).

Since its founding in 2020, Nexus has raised over $75 million committed equity and debt financing, while implementing over 500 MW of solar and energy storage projects across the country North America. During this time, Nexus has achieved an enviable track record of transactions with developers, utilities, commercial and industrial (C&I) and global financial institutions. The investment in Apricus will enable Nexus to fully scale its internal capabilities and push the company to capture a significant portion of the market opportunities related to the energy transition.

“The founders of Apricus bring deep experience in enterprise scaling, corporate governance, operations and capital markets. They have a proven track record in the energy industry and have enabled platform development for companies like Nexus that have seen success in the recent past. Their experience and guidance will help Nexus accomplish this task quickly and efficiently.” he said Keith Sandor, CEO of Nexus Renewables. “This transaction is a breakthrough moment in the history of our company. The management team is excited to embark on the next phase of growth with Apricus.”

“The energy transition has created market opportunities for a wide range of participants, from well-capitalized utilities to entrepreneurial and self-financed developers. Nexus and Apricus have a shared mandate to provide capital and resources to enable these developers to achieve their goals to their full potential,” he stated Ravi Thuraisingham, CEO of Apricus Generation. “Apricus’ investment will enable Nexus to effectively position itself as a solution provider and consolidator for this underserved market segment.”

“I have been impressed with the Nexus team and what they have been able to accomplish in terms of providing capital and development resources to developers. This fits well with Apricus’ goal of advancing very early stage projects to generation with efficient capital allocation. I’m thrilled to support Keith and his team in executing the plan,” he added Gautam Chandraexecutive chairman and co-founder of Apricus Generation.

About renewable energy sources Nexus

Nexus Renewables is a full-service renewable energy developer and independent power producer with a current portfolio of over 500 MW of solar and energy storage projects in various stages of construction and development in North America. Our Nexus projects deliver clean energy and broad economic and environmental benefits for landowners, communities and energy consumers.

For more information, visit www.nexusrenewables.ca

About the Apricus generation

Apricus Generation, Inc. is a new holding company whose task is to build a national platform for the development of distributed solar energy and batteries and an independent power producer (IPP). The Apricus Generation platform enables consumers and businesses to participate in the energy transition by providing developers with the management expertise and capital to advance energy generation projects. The company combines the founders’ many years of experience in the development and investment in clean energy.

More information can be found at: https://www.apricus.energy/

SOURCE Nexus Renewable Energy