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NextEnergy Capital achieves 2nd close of USD 118m for latest solar fund

Solar system. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.

January 13 (Renewables Now) - UK investment and asset manager NextEnergy Capital Group (NEC) has achieved a USD-118-million (EUR 106m) second close of a solar power fund, which has now reached total commitments of USD 280 million.

The fund, which is called NextPower III (NPIII) and targets a total of USD 750 million, secured fresh commitments from a pool of institutional investors including Finnish mutual pension insurer Elo Mutual Pension Insurance Company, UK charity fund manager CCLA and an unnamed Swedish party.

NPIII is an environmental, social and governance (ESG) fund that invests solely in the solar power sector. It has acquired three projects totalling 150 MWp in the US since its first close in November 2018. One of them is already operating, while the other two are under construction. The fund has exclusivity over seven projects with a combined capacity of 451 MWp and expects to sign further acquisitions in Mexico, India and the US this quarter. The move will bring its total capacity to above 600 MWp.

NEC noted that the the total portfolio of investment opportunities currently pursued by the fund, including transactions under exclusivity, approximates 3.9 GWp. It forecasts that NPIII will achieve an operational portfolio of between 2.5 GWp and 3 GWp upon full capital deployment.

“In parallel to significantly growing the portfolio of solar projects owned by NPIII, we are looking forward to securing further investor support during the first half of 2020,” said Michael Bonte-Friedheim, founding partner and group CEO of NextEnergy Capital.

(USD 1.0 = EUR 0.899)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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