NextEnergy Capital’s (NEC) international fund, NextPower V ESG, has signed a binding agreement to acquire a 248MW solar photovoltaic (PV) portfolio in northeastern Spain.
The 248MW portfolio consists of 12 solar PV projects.
The announcement follows a recent long-term debt financing closure for an operational portfolio managed by NextPower V ESG’s predecessor, NextPower III ESG, in the same region.
NextEnergy Capital managing partner and chief information officer Aldo Beolchini stated: “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 twelve weeks.”
The latest transaction builds on the momentum of recent acquisitions, including a 100MW solar project in the US and two operational contract for difference (CfD) portfolios in Europe, totalling 116MW.
In 2024 NextPower V ESG has significantly expanded its portfolio, with 348MW under construction, 116MW operational and more than 500MW in exclusivity or advanced negotiation stages.
Since its inception, NextEnergy Capital (NEC) has scrutinised more than 88GW of potential projects, identifying 18GW of investment opportunities for detailed evaluation.
NextPower V ESG has garnered $745m in total commitments from the UK Local Government Pension Scheme investment pool and a Dutch pension fund, along with re-ups from existing NextPower III ESG investors such as KLP, a German occupational pension fund, and the Nordic pension fund.
NextEnergy Capital continues to attract global investor interest, with several investors currently conducting due diligence.
The team is working towards reaching the fund’s target of $1.5bn.
With the first operational assets expected to yield dividends in the second half of 2024, NextPower V ESG is capitalising on NEC’s track record of successful solar plus infrastructure investments since 2007.
The fund has acquired more than 400 utility-scale projects, with previous funds delivering superior financial returns to investors.
NextPower V ESG’s investment strategy focuses on the solar plus infrastructure sector within selected Organization for Economic Co-operation and Development markets.
NextPower V ESG managing director Antonio Salvati stated: “We are delighted with the binding agreement to acquire this sizeable Spanish Portfolio. NEC currently manages 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.”
