NextEnergy Capital has acquired its first asset in Portugal, a solar PV project.

Purchased through its NextPower III from the developers Azimuth Molecule and Cardinal Flexivel, the 17.4MWp plant has a 10-year PPA.

Construction is expected to start this quarter and commissioning due in the third quarter of 2021.

With this acquisition, the NextPower III fund now has 335MWp in operation and under construction across 8 projects in multiple geographies

It also has 7 further projects under exclusivity with a total capacity of circa 450MWp.

NextPower III’s investment strategy is to acquire solar power plants at the ready-to-build status or in operations across high-growth OECD international markets.

The investment team is currently focusing its efforts to increase the portfolios in its carefully selected geographies including the USA, Latin America and Europe, where NPIII have ongoing transactions, and expects to announce further acquisitions during the fourth quarter of 2020.

Managing director and head of NextPower III Filinto Martins said: "This acquisition allows NextPower III to further increase its presence globally and enter the European market in a country with high growth potential.

"NextPowerIII is already at an advanced stage of negotiations to execute further opportunities in Iberia by the end of the year. We see Iberia as a key geography for the fund and we have a defined growth strategy for Iberia."

Managing partner and chief investment officer Aldo Beolchini said: "Portugal and many other countries worldwide are stepping-up their commitments to increase clean energy generation.

"Whether it is for reducing their carbon emissions, start-up the green hydrogen economy or to promote a green recovery from COVID pandemic, we are proud to be contributing to this global effort whilst opening new markets for NextEnergy.

"We are on track to build a target portfolio for our private fund NextPower III of around 2.5GW installed solar capacity internationally."