NextPower III ESG fully completes fund commitments ahead of schedule
London, November 22, 2023 – NextEnergy Capital is delighted to announce that NextPower III ESG (“NPIII”), its third fund, has fully committed the entirety of its capital ahead of the end of the investment period. The Fund has now allocated to 1.9GW of capacity with all capital committed from investors. The scale of deployment, now standing at 173 individual assets, demonstrates NEC’s market-leading position as an international solar specialist, allowing NPIII to secure attractive investment opportunities through NextEnergy Group’s network of proprietary relationships.
NPIII has successfully deployed capital across its targeted OECD geographies, most recently adding 55MW of operational solar projects in Spain and a 140MW solar portfolio in Italy. NPIII has also achieved several key milestones, including reaching 100MW of operational solar projects in Poland and increasing its expected capacity in Chile to above 190MW.
NextEnergy Capital, the investment adviser to NPIII, continues to secure attractive long term Power Purchase Agreements across all of NPIII’s assets in line with its contracted revenue mix strategy whilst creating additional value via technical improvements, operating cost reductions and asset outperformance.
When NPIII is fully invested across an installed capacity of circa 2GW, it can expect to deliver an impact of estimated annual avoided emissions of circa 2 million tCO2e each year, which on a conservative basis is the equivalent to providing energy for more than circa 1.3 million homes per year.
Antonio Salvati, Head of NextPower III ESG, said:
“The deployment showcased by NPIII further demonstrates NextEnergy Capital’s capabilities and value-add as the leading solar specialist investment manager in the renewables sector. NPIII continues to leverage NEC’s expertise and experience deploying capital across its OECD target geographies to deliver incremental generation capacity and returns for its investors.”