NextEnergy Capital raises US$900m for OECD solar PV projects, targets 2.5GW of final capacity

Facebook
Twitter
LinkedIn
Reddit
Email
NextEnergy Capital is targeting 2.5GW of installed capacity through the fund. Image: NextEnergy Capital

Solar investor NextEnergy Capital (NEC) has raised US$896 million in its latest fundraising round that is targeting 2.5GW of final installed capacity in OECD countries, such as the US, Portugal, Spain, Chile and Poland.

The fund, NextPower III ESG (NPIII ESG), exceeded its aim of US$750 million and constitutes the company’s “largest private fund to date”, NEC said, adding it was “the largest OECD-focused solar infrastructure fund globally.”

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

When fully invested, the fund is aiming to have 2.5GW of installed capacity.

Indeed, NPIII ESG has already started investing and has an installed capacity of 742MW spread across 23 projects and two portfolios, NEC said. It had assessed 35GW of projects and has a further 521MW in exclusivity, with 3GW under review.

“I am looking forward to the continued development of the fund’s portfolio given the depth and quality of its current pipeline,” said Michael Bonte-Friedheim, NextEnergy group CEO.

Investors, which included pension funds, insurance companies, fund-of-funds and family offices, came from nine different countries.

The raise builds on a number of recent announcements from NEC. In December, it secured backing from the UK Infrastructure Bank for a new fund – dubbed NextPower UK ESG – that aims to raise £500 million (US$663 million) to invest in subsidy-free solar power plants in the UK.

“The solar industry continues to show enormous potential and I’m looking forward to announcing further capital commitments for our private funds, notably NextPower UK ESG, in the coming months,” Shane Swords, managing director and head of investor relations, said.

Meanwhile, London-based NEC sold a 150MW portfolio of Italian solar assets to Rome-headquartered investment group Tages last month. The financial terms of the deal were not announced at the time but, in its latest release on the above raise, NEC said the deal has “an enterprise value in excess of €730 million (US$815 million)”.

Read Next

August 13, 2024
NextPower V ESG (NPV ESG), an international fund operated by NextEnergy Capital (NEC), has acquired a 248MW Spanish solar PV portfolio.
August 1, 2024
Quinbrook has closed financing for its Net Zero Power Fund (NZPF), with US$3 billion of new capital commitments.
July 23, 2024
EneCoat Technologies has raised JPY5.5 billion (US$35 million) in Series C financing to support research into perovskite solar cells.
July 22, 2024
Masdar has raised US$1 billion in green bond financing to support the development of new clean energy projects.
July 3, 2024
Spanish renewable power developer Zelestra has added €225 million (US$242.1 million) in loan financing to its funding streams.
Premium
April 17, 2024
JP Casey reports on green bonds' growing importance as a vital source of support for solar and a tool for fighting greenwashing.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
December 18, 2024
9am GMT / 10am CET
Solar Media Events
February 4, 2025
London, UK
Solar Media Events
February 17, 2025
London, UK
Solar Media Events
February 26, 2025
Seattle, USA
Solar Media Events
March 11, 2025
Frankfurt, Germany