October 17 (Renewables Now) - UK investment and asset manager NextEnergy Capital Group has agreed to acquire a 102.5-MWp solar park in North Carolina for an undisclosed sum, it said on Tuesday.
The photovoltaic (PV) plant is located in the state’s Cabarrus County and is generating electricity under a long-term power purchase agreement (PPA) with a local utility. It has been operational since September 2018.
The asset will be purchased from a “pre-eminent solar industry participant,” the name of whom was not provided.acquisition represents NextEnergy Capital's second investment in the US for its NextPower III fund, which in April bought 34 MW/46 MWp of solar projects in Virginia from US firm Urban Grid. The fund’s solar capacity in operation and in pre-construction currently stands at 148.5 MWp.
The deal's closing is subject to customary conditions precedent, regulatory approvals and third-party consents. The asset manager said it is now negotiating additional acquisitions to expand NextPower III’s portfolio in the US. The fund’s goal is to invest in shovel-ready or operational solar plants in “high-growth international markets” such as the US, Mexico, Southern Europe and India.