NextEnergy announces $896m for solar

NextEnergy Capital (NEC) has announced the final close of fundraising for its NP III ESG, bringing the total capital raised to $896m, and making the total capital pool for its investment strategy over $905m.

NPIII ESG focuses on the international solar infrastructure sector, principally targeting projects in OECD countries, including the US, Portugal, Spain, Chile, and Poland. It is the largest OECD-focused solar infrastructure fund globally.

The portfolio currently has an installed capacity of 742MW spread across 23 projects and two portfolios, having assessed in excess of 35GW, while the fund has a further 521MW in exclusivity and 3GW under review.

Capital was committed by pension funds, insurance companies, fund-of-funds and family offices, demonstrating the strong demand from investors for solar PV and the endorsement of NEC as a highly specialised and experienced investment manager.

NEC also recently launched a subsidy-free UK-focused solar infrastructure fund, NextPower UK ESG, with the UK Infrastructure Bank planning to invest up to £250m.

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