NextEnergy Capital takes leap into Portugal with 17.4MWp acquisition

October 12, 2020
Facebook
Twitter
LinkedIn
Reddit
Email
NextEnergy Solar Fund's 50MWp Staughton solar farm in the UK. Image: NextEnergy Solar Farm

Solar investor NextEnergy Capital has made its first play into Portugal's solar market with the acquisition of a 17.4MWp project.

Passing ownership from Azimuth Molecule and Cardinal Flexivel, the farm already has a 10-year power purchase agreement (PPA) in place, with plans to start construction in Q4 2020 and commissioning in Q3 2021.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

It was acquired by NextEnergy Capital's third institutional solar fund, NextPower III fund (NP III), which aims to acquire shovel-ready solar projects or those already in operation across high-growth OECD international markets, and marks NP III's first foray into Portugal.

This new project adds to NP III’s 335MWp of capacity already in operation and under construction, which spans eight projects and multiple geographies. The fund has a further seven projects under exclusivity and a total capacity of circa 450MWp, and is targeting 2.5GW of international installed solar capacity, which Aldo Beolchini, managing partner and chief investment officer, said it was on track to achieve.

Beolchini pointed to how Portugal and “many other countries worldwide are stepping-up their commitments to increase clean energy generation”, with NP III “proud to be contributing to this global effort whilst opening new markets for NextEnergy”.

The fund is currently focused on increasing its portfolios in the likes of the USA, Latin America and Europe, with further acquisitions expected to be announced in Q4 2020. In January 2020, CEO Mike Bonte-Friedheim told PV Tech that Southern and Eastern hotspots – including Portugal, Spain, Poland and Greece – would be targeted.

In April, NP III established a new investment platform with investment partners and experienced solar developers in the US with an intention of investing US$100 million into a portfolio of assets of around 100MW of solar PV.

The fund made its maiden acquisition in India in July, striking a deal with German project developer and EBC IBC Solar for a 27.4MWp project.

This new acquisition in Portgual is set to help the fund “further increase its presence globally”, according to Filinto Martins, managing director and head of NextPower III, who praised the country for its “high growth potential”.

“NextPower III is already at an advanced stage of negotiations to execute further opportunities in Iberia by the end of the year. We see Iberia as a key geography for the fund and we have a defined growth strategy for Iberia,” Martins said.

Read Next

October 31, 2025
Australia's solar and energy storage sectors delivered transformative performance during the third quarter of 2025, with grid-scale solar generation reaching 1,699MW average output while battery systems expanded capacity by 2,936MW since Q3 2024.
October 31, 2025
Acen Australia has committed to recycling around one million solar modules from its 400MW Stubbo solar PV power plant in New South Wales.
October 30, 2025
Scatec posted development and construction (D&C) revenues of NOK1,760 million (US$175.1 million) in the third quarter of this year.
October 30, 2025
Global net zero by 2050 is now “impossible” and the world is on course for temperature rises of 2.6°C, according to energy market analyst Wood Mackenzie.
October 30, 2025
New Zealand’s Genesis Energy has announced plans to acquire and develop a 271MWp solar project in Waikato, on the country’s upper North Island. 
October 30, 2025
Meridian Energy, a New Zealand state-owned energy company, has begun the construction of its 230GWh Ruakaka solar plant. 

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 12, 2025
10am PST / 1pm EST
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany