NextEnergy Capital’s latest OECD-focused solar and battery storage fund is adding 12 Spanish solar projects to its portfolio.
The manager’s NextPower V ESG fund (NPV ESG) has agreed to acquire the 248MW project portfolio in northeastern Spain for an undisclosed amount.
The transaction marks the fourth investment the NPV ESG fund has made. NPV ESG has rapidly expanded its portfolio over the past six months, with 348MW currently under construction, 116MW operational, and over 500MW in advanced stages of development or negotiation, NextEnergy said.
Aldo Beolchini, CIO and managing partner at NextEnergy Capital, said: “NPV ESG continues to go from strength to strength, this latest investment in Spain shortly follows the recent acquisition in Poland which again demonstrates NEC’s ability to deploy capital quickly and efficiently, whilst also highlighting NEC as a market leader in the solar space with over 360MW of capacity added to NPV ESG in the last 12 weeks.”
Antonio Salvati, managing director NextPower V ESG at NextEnergy Capital, said: “We are delighted with the binding agreement to acquire this sizable Spanish Portfolio.
“NEC currently manages circa 500MW of operating solar assets in this geography which remains an attractive market to deploy capital. We expect to continue investing in Iberia through our Madrid office and as NPV ESG currently has multiple additional projects under advanced negotiation in the region.”
As previously reported, NPV ESG received commitments from a UK local government pension scheme investment pool, a Dutch pension fund, and a follow-on investment from an existing NextPower III ESG investor. Norway’s KLP also invested in the fund last year.
NextEnergy expects to raise $1.5bn with a $2bn hard cap for NPV ESG, has secured $745m in total commitments so far.
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