NextPower V ESG has made its maiden 100 MW acquisition in Florida, USA
London, December 14th, 2023 – NextEnergy Capital is delighted to announce that its fifth investment vehicle, NextPower V ESG, it’s flagship OECD-focused solar strategy targeting capital commitments of $1.5 billion with a $2 billion hard cap, has made its maiden acquisition. Its first investment is a c.100MW utility-scale solar project and follows the Fund’s successful first close of $480 million of capital in July of this year.
NEC have a number of other projects in exclusivity from its 18GW pipeline and are expecting to announce further investments by NPV ESG shortly. NPV ESG’s pipeline of acquisition opportunities includes a total of over 1GW of assets currently under negotiation or in exclusivity across Spain, Italy, Poland, and the US.
The maiden asset is a 100MW utility-scale solar project located in Highlands County, Florida, USA. The asset is fully developed and is ready-to-build with construction planned to commence in the first quarter of 2024 and energisation expected in the first half of 2025. The project will incorporate some of the latest advancements in solar technology, including bifacial solar modules, which will increase the project’s generation efficiency and density, and single-axis trackers allowing the project to maximise irradiation exposure by tracking the sun.
The USA remains a key target market for the Fund’s strategy due to its low-risk profile and attractive environment to deploy capital. The project will benefit from the positive US regulatory policies that offer flexibility in securing tax credits and other revenue streams. Additionally, the asset is de-risked and ready-to-build.
Michael Bonte-Friedheim, CEO and Founding Partner of NextEnergy Group, said:
“We are very pleased to announce NextPower V ESG’s first acquisition. This marks a fantastic start to the Fund, just six months after the first close, and is a real testament to the team and their hard work in progressing our attractive pipeline. Given our market presence and experience in the US and NPV ESG’s other target geographies, we expect to continue deploying the fund’s capital rapidly.
This milestone not only signifies the success of our efforts but also presents a promising upside for our investors. Utility-scale solar represents a very large investment opportunity set globally, and we aim to continue our leadership role in the sector. Coupled with a robust investment pipeline, this transaction exemplifies the team’s ability to execute the strategy and provide investors with excellent results.
In parallel to progress in capital deployment, we are seeing increases in investor interest in NPV ESG. I see this emanating from our track record as a leader in solar and also from the attractive investment opportunities in solar infrastructure across OECD markets.”
Antonio Salvati, Head of NextPower V, commented:
“This acquisition provides a great foundation for NextPower V ESG and marks a strong first transaction for the team and the Fund. I am pleased to announce this first deployment of capital to our investors, and we are excited to have taken the first step towards building out the Fund’s global portfolio, significantly contributing to the global energy trans