March 30 (Renewables Now) - UK investment and asset manager NextEnergy Capital Group (NEC) has acquired a 36.1-MWp solar photovoltaic (PV) project under construction in the Mexican state of Guanajuato.
The asset, which represents the first phase of a 108-MWp PV project, has been acquired by NextPower III, NEC’s third institutional solar fund.
Right now, the project is in advanced stages of construction and its commissioning is expected in the second quarter of 2020, NEC has said.
The solar park’s output will be sold under a long-term power purchase agreement (PPA) with an unnamed off-taker described as an “investment grade corporate” entity.
“This acquisition allows NextPower III to further increase its presence globally and enter the Latin America market where we have secured a significant pipeline of further opportunities. NextPower III is also in advanced execution on the second phase of the project for up to a total 108.3MWp later this year,” Filinto Martins, Investment Director of NextPower III, has said.
With this purchase, NextPower III reaches 185.4 MWp of capacity across four projects either in operation or under construction. It has a further 11 projects under exclusivity totalling over 1 GWp.
NEC said it is keeping an eye on the COVID-19 situation, however, it is optimistic about the long-term prospects for the solar industry and its NextPower III fund.