NextPower UK ESG achieves 97% of target at Second Close

  • Increased total commitments to date to £487 million (target £500 million)
  • Achieved second close only 3 months after first close, within the two-year fundraising period
  • Already invested into 175MW, with 2 projects (125MW) paying dividends


London, December 5, 2022 – NextEnergy Capital (“NEC”), a global solar specialist in the renewables sector, is pleased to announce the second close of NextPower UK ESG (“NPUK ESG”) at £487 million.  The fund has a target and hard cap of £500 million and £1 billion respectively.

The second close has been executed just three months after the Fund’s first close in August 2022.  NPUK ESG will continue to raise capital for the rest of its fundraising period, or until the Fund reaches its hard cap, capturing the positive momentum behind the Fund.

The second close of NPUK ESG is comprised of commitments from Strathclyde Pension Fund, the UK Infrastructure Bank, and a Japanese Institutional investor.  The two new investors join the existing commitments from LGPS Central Limited, Merseyside Pension Fund, Brunel Pension Partnership, and a Middle Eastern Institutional Investor.  Looking forward, the Fund expects to welcome additional  investors who are currently in due diligence.

NPUK ESG is private solar fund focused on unsubsidised new-build solar plants in the UK, which, at hard cap, will produce enough clean energy to power the equivalent of nearly 500,000 households or offset nearly 200,000 carbon-emitting cars on the road each year.  From the Fund’s proprietary project pipeline, NEC has already acquired its first three utility-scale solar assets, of which two are operational, for commitments of c.£145 million, deploying almost half of the capital raised at the Fund’s first close within seven weeks after this date.


Michael Bonte-Friedheim, CEO and Founding Partner of NextEnergy Group, said:

“NPUK ESG is a first-of-a-kind investment vehicle targeting new-build, unsubsidised solar projects exclusively in the UK.  We are leading the global solar sector in offering innovative investment vehicles for institutional investors to access the opportunities we identify and progress.  In this way we accelerate the deployment of solar power in the markets we are active in.

Our fundraising momentum comes on the heels of the recent success of the first close which has enabled NPUK ESG to secure its first three acquisitions totalling 175MW.  This is a real testament to the NextEnergy Capital team as we continue to successfully realise NPUK ESG’s exciting pipeline of new-build UK, unsubsidised solar.  We are expecting to conclude further acquisitions very shortly which will significantly increase the Fund’s commitments.”


Shane Swords, NextEnergy Capital Managing Director and Head of Investor Relations, said:

“This strong second close represents a fantastic milestone for NextEnergy Capital as well as the UK solar sector.  We have been heartened by investors looking to deploy their capital to proactively support UK energy security, affordability, and net-zero policies.  Investors have recognised that the way to access these structural tailwinds is through a specialist and experienced manager and we thank our LP base for their backing.”

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