NextEnergy Capital secures US$232m for solar investments in OECD countries

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A solar project from NextEnergy Capital in the UK. Image: NextEnergy Capital.

NextEnergy Capital Group (NEC) has raised an additional US$232 million for its international solar fund, as it targets PV projects in OECD countries such as the US, Portugal, Spain, Chile and Italy.

The solar investor and asset owner’s NextPower III ESG international solar fund (NPIII) has secured commitments from German pension fund Derigo and an unnamed UK institutional investor, taking the fund’s total capital raised to US$530 million.

NPIII, which secured commitments totalling US$280 million early last year, has so far acquired 14 solar projects and one portfolio with a total capacity of around 400MW, located in markets such as the US, India, Portugal and Chile.

NEC said the fund has a portfolio of further acquisition targets, including five projects under exclusivity totalling 453MW and a further 351MW under advanced negotiation. These acquisitions are expected to be completed in the second half of this year, bringing the fund’s installed capacity to 1.2GW.

NPIII, which has a final target of US$750 million, is due to close at the end of this year and achieve a portfolio of 2.5GW – 3GW of operating solar upon full capital deployment.

“NextPower III ESG continues to go from strength to strength, with institutional investor interest increasing in parallel as the demand for renewable infrastructure globally continues to grow rapidly,” said Michael Bonte-Friedheim, CEO and founder of NEC.

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