Miami-based clean energy company Apricus Generation has acquired a controlling stake in Canadian solar and battery project developer Nexus Renewables, aimed at growing a pipeline of projects that exceeds 500 megawatts.

Nexus is a clean energy producer and developer based in Toronto, led by CEO Keith Sandor. The company is active in the U.S., raising tens of millions in 2023 for battery projects such as a 300-megawatt battery energy storage system (BESS) near Houston.

Apricus is a holding company founded in April that offers an investment platform and advising services for clean energy companies. The acquisition of Nexus is its first, Apricus said in a release.

Ravi Thuraisingham, the CEO and co-founder of Apricus, said he has worked with Sandor for almost two decades in the energy sector.

"We are excited to join forces with Apricus Generation and build a leading IPP (independent power producer) in solar and energy storage segments," Sandor said.

"Nexus Renewables has a proven development and IPP model with a significant pipeline and a team of talented professionals that can rapidly and efficiently capture the market opportunity."

Nexus’ background

Nexus started out as a “develop-and-flip” business, performing engineering, design and permitting before selling a project to a partner. The company has since evolved into a power producer.

In 2022, it sold three solar projects in New York totalling 14 megawatts of capacity to Scale Microgrid Solutions as part of a $136.8-million agreement between the companies. The agreement would fund the development, construction and acquisition of solar and battery energy storage projects across the U.S.

Besides the 300-megawatt BESS in Texas, Nexus was also developing a 10-megawatt BESS in Fairfield, Calif. and received local approval to redevelop an energy storage facility in Wellington, Ont. by partnering with Minto and NRStor.

Nexus has raised over $102.5 million in equity and debt financing since its founding, the company says.

How the acquisition affects Nexus

Apricus’ controlling stake will help Nexus scale up its pipeline and push its projects to generation, the release states. Apricus works by acquiring energy developers and providing the capital and guidance for project growth to IPP status and long-term ownership, according to its website.

It closed a $38.3-million Series A funding round in a total offering of $136.8 million expected to close in the coming months.

Thuraisingham said lack of access to early-stage projects is a major bottleneck for solar and battery storage deployment, which Apricus looks to solve.

"I couldn't be happier that Nexus is joining the Apricus platform as our flagship and initial acquisition. With this strategic partnership, we are committed to building the leading developer-focused IPP platform to bring renewable energy to the consumers."