Apricus Generation

About Apricus Generation

Apricus Generation, Inc. is a holding company executing a roll-up strategy to build a national distributed solar and battery development platform, functioning as an Independent Power Producer (IPP). Launched in April 2024 by industry veterans Gautam Chandra and Ravi Thuraisingham, the firm was founded in 2023. The company's business model centers on providing capital and management expertise to smaller solar and battery storage developers, enabling them to advance their project pipelines from development to power generation. Apricus addresses a key market bottleneck where developers often have more project opportunities than access to early-stage capital.

The founders, Executive Chairman Gautam Chandra and CEO Ravi Thuraisingham, bring extensive experience from previous ventures in the energy sector. Chandra is a serial entrepreneur with a history of successful startups and exits, including leading a $6.4 billion sale of a national energy company and building a $1 billion commercial solar portfolio. Thuraisingham has over three decades of experience in the energy industry, including restructuring and scaling a community solar developer, which led to a fivefold EBITDA improvement, and growing a tax equity fund from $50 million to over $200 million. Their prior collaboration includes a successful exit that delivered a 6x return to investors in three years, a track record that has attracted repeat investors to Apricus.

Apricus generates revenue by acquiring controlling stakes in developer partners and structuring shared ownership of the clean energy assets they build. The company's initial strategic move was the acquisition of a controlling interest in Nexus Renewables, a Toronto-based developer with a 500+ MW portfolio of U.S. solar and energy storage projects. This acquisition was funded in part by a successful Series A round that is over-committed towards its $100 million goal, led by Blue Marlin Partners and Current Yield with Participation (CYwP) Fund. Additionally, the company secured a $30 million revolving credit facility to provide capital flexibility and accelerate project development. This financial structure supports the firm's strategy of inorganic growth through acquisitions and the subsequent buildout of solar and battery energy systems.