Apricus Generation Acquires a Controlling Stake in Nexus Renewables

Transaction positions Nexus as a solution provider and consolidator to meet underserved markets within the Energy Transition

TORONTO, May 29, 2024 /PRNewswire/ - Nexus Renewables ("Nexus") and Apricus Generation ("Apricus") are pleased to announce that Apricus has completed the acquisition of a controlling stake in Nexus. The 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 designed to build a national distributed solar and battery development platform and Independent Power Producer (IPP).

Since its founding in 2020, Nexus has raised over USD 75 million of committed equity and debt financings while advancing 500+ MW of solar and energy storage projects across North America. During this time, Nexus has achieved an enviable track record of transacting with developers, utilities, the Commercial and Industrial (C&I) market, and global financial institutions. The Apricus investment will enable Nexus to fully scale its in-house capabilities and propel the company to capture a meaningful share of the energy transition market opportunity.

"Apricus' founders bring deep experience in scaling businesses, corporate governance, operations, and capital markets. They have a proven track record in the energy industry and have enabled platform growth of companies like Nexus with successful exits in the recent past. Their experience and guidance will facilitate Nexus' ability to execute on this mandate rapidly and efficiently." said Keith Sandor, CEO of Nexus Renewables. "This transaction marks a watershed moment in our company's history. The management team is excited to embark on this next phase of growth alongside Apricus."

"The energy transition has created a market opportunity for a wide variety of participants ranging from well-capitalized utilities to entrepreneurial and self-funded developers. Nexus and Apricus are aligned on a common mandate to provide capital and resources to enable these developers to reach their full potential," said 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 accomplished in their goal of facilitating capital and development resources to developers. This aligns well with Apricus' goal of advancing very early-stage projects to generation with efficient capital allocation. I am excited to support Keith and his team to execute on their plan," added Gautam Chandra, executive chairman and co-founder of Apricus Generation.

About Nexus Renewables

Nexus Renewables is a full-service renewable energy developer and independent power producer with a current portfolio of over 500+ MW of North American solar and energy storage projects under various stages of construction and development. Our Nexus' projects provide clean energy and widespread economic and environmental benefits for landowners, communities, and energy customers.

For more information, visit www.nexusrenewables.ca

About Apricus Generation

Apricus Generation, Inc. is a new holding company designed to build a national distributed solar and battery development platform and Independent Power Producer (IPP). Apricus Generation's platform enables consumers and businesses to participate in the energy transition by providing developers with management expertise and capital to advance their project pipeline to generation. The company brings together the founders' decades-long proven track record in clean energy development and investment.

For more information, visit: https://www.apricus.energy/

SOURCE Nexus Renewables