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NextEnergy Capital buys 100-MWp community PV portfolio in New York

Solar modules near garden. Featured Image: Jim Parkin/Shutterstock.com

April 3 (Renewables Now) - NextEnergy Capital Group (NEC) has taken possession of a 100-MWp portfolio of community solar projects in New York state through a newly-created platform targeting such acquisitions across the whole country.

The purchase was made through NextPower III, NEC’s third institutional solar fund, and is its third acquisition in the US, the UK investment and asset manager said on Friday.

The solar assets are the first portfolio of the new platform, in which NPIII has committed to invest up to USD 100 million (EUR 92.6m) in equity. The company is partnering in this initiative with “experienced solar developers” and investment parties whose names were not disclosed. According to the press release, additional portfolios have already been identified.

The 100-MWp bundle includes projects located at multiple sites in New York that are planned to go live within 18 months and bring fixed revenues for 25 years, supported by the Value of Distributed Energy Resources mechanism in the state.

NPIII is an environmental, social and governance (ESG) fund that invests in shovel-ready or operational solar assets. With the latest purchase, it reaches 285 MWp of capacity in operation or under construction. Additionally, it has 10 projects under exclusivity with a combined capacity exceeding 1 GWp. The fund is in the process of being expanded through ongoing deals in the US, Latin America, Southern Europe and India, seen to be disclosed in the second quarter of this year.

“Our investment activities are proving to be quite resilient vis-a-vis the COVID-19 situation and we are on track to complete our investment programme,” said Aldo Beolchini, managing partner and chief investment officer.

(USD 1.0 = EUR 0.926)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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