NextEnergy Capital closes $974 million for most modern photo voltaic and storage fund
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London-primarily based strength funding platform NextEnergy Capital has secured US$974 million towards its NextPower V photo voltaic and battery strength storage machine (BESS) funding car.
The sum includes investments in NextPower V and “sizeable commitments for co-investments within the NextPower V design”, NextEnergy said. Investors within the fund contain UK and European pension funds and international financial institutions, which NextEnergy said presents them “salvage admission to and snatch the pretty verbalize panorama for photo voltaic PV and BESS.”
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The NextPower V fund is NextEnergy Capital’s fifth devoted photo voltaic and strength storage funding car. It has deployed roughly 85% of its capital in eight transactions, totalling 550MW of nameplate capability all one of many simplest ways by 127 sources. 83% of the portfolio is operational, 13% is below constructing, and 4% is at the prepared-to-produce segment, the firm said. The fund specializes in OECD (Organisation for Economic Co-operation and Pattern) countries.
The fund’s first acquisition became a 100MW photo voltaic PV mission it sold in Florida in December 2023; its most modern became a 73MW agrivoltaics mission in Campania, Italy. NextEnergy Capital said it intends to develop NextPower V towards a circa-1GW mission portfolio.
Investment appetites for renewables are robust in gentle of the world crucial to lower carbon emissions and transition strength manufacturing remote from fossil fuels by 2050. NextEnergy Capital said it smitten by photo voltaic PV “as the proven and staunch technology” in that transition.
“This winning closing shut reflects both the resilience of the design and the continued demand for top-quality, shriveled renewable infrastructure sources, allowing the international funding team to continue to scale infrastructure asset classes in OECD markets by our highly selective curated 18GW pipeline,” said Antonio Salvati, managing director of NextPower V at NextEnergy Capital.
“Reaching this final result in a extra robust fundraising atmosphere is a strong endorsement of NEC’s specialist photo voltaic and BESS funding platform and our lengthy-standing investor relationships,” said Ross Wretchedness, chief funding officer at NextEnergy Capital.
Earlier this year, NextEnergy Capital’s UK-focused photo voltaic fund, NextEnergy Solar, launched a thought to shift its design remote from standalone photo voltaic and towards strength storage sources within the UK. The fund said it deliberate to divest a couple of of its photo voltaic sources and reallocate funds to strength storage after its Rep Asset Heed (NAV) became continuously low and its fragment charge discounted.
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