NextEnergy Capital's 3rd solar fund to buy 42.3-MW Polish solar portfolio
Solar park. Photo by: NextEra Energy Resources (www.nexteraenergyresources.com).
London-based NextEnergy Capital Group said today it has agreed to buy a 42.3-MW solar project portfolio in Poland through its NextPower III ESG (NPIII) solar fund.
The specific portfolio was developed by Green Genius, part of Lithuania’s Modus Group, and includes projects that were awarded 15-year Contract for Difference (CfD) in Poland’s 2019 renewable energy auction. Once up and running, the solar parks will have a combined output to supply about 24,000 homes per year.
The deal, the value of which was not disclosed, marks NPIII’s first acquisition in Poland. It is expected to be finalised in the last quarter of 2021, after all plants are switched on.
“We are delighted to announce this transaction marking NextPower III’s first acquisition in Poland, a market that provides excellent opportunities for our growth strategy,” said Filinto Martins, managing director and head of NPIII.
The latest purchase expands NPIII’s portfolio to a total installed capacity of 530 MWp. The fund, due to close at the end of 2021, targets raising USD 750 million (EUR 636.9m) and has a hard cap of USD 1 billion. It is focused on selected OECD (Organisation for Economic Co-operation and Development) countries, among which the US, Portugal, Spain, Chile and Italy. When fully invested, it will have an installed capacity of around 2.5 GW.
NPIII noted is eyeing further acquisitions to bring the fund’s installed capacity to about 1,200 MW by the end of 2021. It currently has two portfolios for 315 MW of installed capacity under exclusivity and some 1.3 GW in the immediate pipeline.
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.