NextEnergy Capital continues investment charge with New York community solar portfolio purchase

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Image: Helen Alfvegren/Flickr.

Solar investor NextEnergy Capital (NEC) has continued its fledgling foray into the US solar market, completing on a string of community assets across New York.

NEC said NextPower III (NPIII), its third institutional solar fund, had established a new investment platform with investment partners and experienced solar developers in the US to invest some US$100 million into a portfolio of assets comprising around 100MW of solar PV.

The portfolio, yet to be completed, is expected to be operational within 18 months and consists of multiple sites located in the state of New York.

NEC will use equity from the institutional fund to finance the acquisition, with the assets benefiting from long-term fixed revenue from the state’s Value of Distributed Energy Resources mechanism, providing additional revenue over the course of 25 years.

The deal comes just days after NEC completed on a 36.1MW project in Mexico which Aldo Beolchini, the firm’s managing partner and chief investment officer, said was testament to its execution capabilities despite a “difficult business climate”.

“Our investment activities are proving to be quite resilient vis-à-vis the COVID-19 situation and we are on track to complete our investment programme,” he said.

NPIII’s current suite of solar assets either under construction or in operation has a combined capacity of 285MWp, however the fund also has a further ten projects under exclusivity, totaling in excess of 1GWp.

Lorena Ciciriello, managing director and head of debt financing at Next, said the company was expecting to raise more than US$200 million of debt and tax equity financing for its US community solar portfolio.

That commitment comes three months after the second close of NPIII raised a further US$118 million, bolstering its coffers to some US$280 million with a pipeline of assets totaling 2.5 – 3GW in its crosshairs.

Speaking to PV Tech after that raise, NEC chief executive Michael Bonte-Frieheim explained how assets across Europe, America and India were being targeted after the investor racked up a significant portfolio in the UK.

Read Next

February 24, 2021
Microinverter supplier to use proceeds to repurchase notes due 2024 and 2025 as well as other corporate purposes
February 18, 2021
The US renewables industry overcame headwinds in 2020 to post record deployment figures and continue a decade-long growth trend, a joint report from BloombergNEF (BNEF) and the Business Council for Sustainable Energy (BCSE) has revealed.
February 15, 2021
Longroad Energy to acquire ~900MWdc of solar, with battery storage additions also to be considered.
February 12, 2021
A round-up of the latest solar PV project updates around the world, including news from NextEnergy Capital, Lightsource BP, and Sonnedix.
February 11, 2021
Oil and gas major Shell has said it will spend between US$2 billion and US$3 billion on renewables and energy solutions annually to help it attain net zero status by 2050.
February 8, 2021
Major inverter manufacturer SMA Solar Technology has reported preliminary full-year 2020 financial results which met the low end of guidance but also reported a slight decline in fourth quarter sales coupled to plummeting gross margins.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
March 9, 2021
Solar Media Events
March 17, 2021
Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021