NextEnergy Capital’s latest OECD-focused solar and battery storage fund has entered the Italian market with the acquisition of the nation’s largest agrivoltaic project.
The manager’s NextPower V ESG (NPV ESG) has invested an unspecified sum to acquire the 73MW Agrivoltaic PV (AgriPV) project in Campania, South-Eastern Italy.
The project is an advanced form of AgriPV, which involves using the same land for both utility-scale solar panels and agriculture. This approach helps to generate electricity while also protecting and improving the soil for farming.
Once operational, the project will restore 140 hectares of land, dedicating at least 70% to agriculture while also generating solar power. It has also secured a 20-year contract for its electricity volume through the GME DM Agrivoltaico Auction.
Ross Grier, CIO at NextEnergy Capital, said: “This transaction marks a significant milestone for NextPower V and aligns closely with the fund’s principles of sustainability, innovation, and responsible investment.
“The transaction required the relentless work of many varied stakeholders across the NextEnergy Group and showcases the benefits of having access to the entire solar value chain from investment to development, being able to deliver a high-quality project in a de-risked fashion for our investors.”
Antonio Salvati, MD of NextPower V ESG at NextEnergy Capital, said Italy remains a key market for NextPower V as it “offers one of the highest irradiance areas in Europe supported by well-developed infrastructure”.
“The transaction highlights the multiple benefits AgriPV projects can bring to the local area such as nature enhancement, land productivity, local engagement and clean green energy.
“This is the largest transaction to date for NextPower V in Italy and provides NextPower V with an innovative Agri-PV opportunity, ensuring it is resilient and prepared for future AgriPV mandates in Europe and other markets,” Salvati added.
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