Global investment firm NextEnergy Capital has secured US$110m (£85.75m) in equity financing for its solar and battery energy storage focused fund NextPower V ESG (NPV ESG).
The fund secured a further $100m (£77.9m) of capital from a European pension fund, alongside existing NPV ESG investors KLP, a German corporate pension fund and a large Scandinavian pension fund. The fund expects to welcome even more capital in the near future.
NPV ESG’s 18GW pipeline includes projects in Spain, Poland, Italy, Canada and the US.
According to Shane Swords, managing director of NextEnergy Capital and global head of investor relations, the new funding will “further accelerate the fund’s positive momentum and growth.”
Swords said: “NextPower V ESG is our largest international fund to date, which will deliver real impact and tangible benefits for the communities and countries where the assets are located, while also providing opportunities for investors looking for strong and stable returns on renewable energy. ”
London-based NextEnergy Capital has strengthened its solar and storage pipeline globally following a strong opening year for its UK-based NextPower UK ESG (NPUK ESG) investment strategy.
NPUK ESG, a private solar fund focused on new builds, has acquired nine assets with a total capacity of 416 MW in its inaugural year. The fund secured two operational solar assets seven weeks after the initial close, as reported by Solar energy portal in October 2023.
NPUK ESG attributed its successful first year to the “rapid deployment of capital which generated attractive cash flows from seven weeks after the fund’s initial close”. This happened in August 2022.
As of October 2023, NextEnergy Capital confirmed that NPUK ESG has raised approximately £600 million from investors. NPUK ESG is a private fund with a ten-year term.
Solar Power Portal’s publisher Solar Media will host the UK Solar Summit on June 4-5, 2024 in London. The event will explore Britain’s new utility and rooftop solar landscape, look at the opportunities within a GW+ annual market, and much more. For more information, visit the website.
