NextEnergy Capital makes maiden India solar purchase

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Image: SMA.

Solar investor and asset owner NextEnergy Capital (NEC) has completed its first project acquisition in India as it lines up a flurry of investments in Q3 2020.

NEC has struck a deal to acquire a 27.4MWp project from German project developer and EBC IBC Solar. The project has been in operation since May 2018 and is backed via a 25-year power purchase agreement with an investment-grade offtaker, the fund said.

The company made the acquisition out of its NextPower III fund, the third such institutional solar fund NextEnergy Capital has launched. Its remit is to invest in projects throughout the world, and today’s purchase marks the start of a planned run of new project acquisitions it hopes to complete in the coming months.

NextPower III’s current capacity stands at around 385MW of projects either in operation or under construction, but an additional eight projects with a combined capacity of around 800MWp currently reside in the fund’s exclusive pipeline.

Those projects are located in India, the US, Latin America and Southern Europe, with NEC aiming to announce further acquisitions later this quarter.

Filinto Martins, managing director and head of NextPower III, said today’s deal would allow it to enter the Asia Pacific solar market, while the firm’s chief investment officer and managing partner Aldo Beolchini lauded the NEC team’s ability to close the transaction in a “difficult business climate” exacerbated by COVID-19.

“We continue to monitor the COVID-19 situation and are very pleased at how robust and resilient our NextPower III fund has been in this environment. We are on track to build a target portfolio for NextPower III of around 2.5GW installed solar capacity across carefully selected geographies,” he said.

SunSource bags SECI co-location tender

In other news from India today, Solar Energy Corporation of India (SECI) confirmed developer SunSource Energy to have won a tender to develop a solar-plus-storage project on the Lakshadweep islands off the country’s south west coast.

SECI launched the tender process in September of last year, and SunSource have won out with the lowest bid of INR23.5 crore (US$3.15 million).

SunSource will now develop 1.95MWac of solar alongside 2.15MWh of battery energy storage capacity, split across four islands in the Lakshadweep territory, namely Agatti, Kavaratti, BangaRam and Thinnakara.

The project is expected to significantly reduce the islands’ reliance on diesel-fuelled generators, which SunSource CEO Adarsh Das described as an “instance of the direction in which the power sector is headed”.

Read Next

September 24, 2021
Independent power producer Catalyze has acquired commercial and industrial (C&I) solar developer Sol Alliance, expanding its presence in the northeast of the US and taking on an 80MW project development pipeline in the process.
PV Tech Premium
September 24, 2021
Concerns have been raised that new measures introduced by Spain’s government to limit windfall profits of renewable energy plants could dent investor confidence and impact the stability of the country’s solar sector.
September 24, 2021
DNV-owned solar monitoring firm GreenPowerMonitor is to integrate Alteso’s solar analytics tech platform into its offering after striking a deal to acquire it.
September 23, 2021
A project that bids to combine up to 20GW of solar PV with the world’s largest energy storage battery and a 4,200km-long subsea power cable has moved a step forward after Indonesian authorities greenlit its proposed transmission cable route.
September 21, 2021
Private equity firm American Securities has secured a deal to acquire US solar engineering, procurement and construction (EPC) provider Swinerton Renewable Energy and its operations and maintenance (O&M) subsidiary SOLV from Swinerton Incorporated.
September 20, 2021
A subsidiary of Indian utility Tata Power has received a letter of intent to set up a 250MW grid-connected solar project in the state of Maharashtra.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021