Private Funds

NextPower V ("NPV") is NEC’s fifth investment vehicle focused on the solar sector. The Fund held first close in 2023 and currently has c.$900m dollars committed to the strategy, with a current portfolio of 550MW across 127 individual assets.

NPV offers investors the opportunity to earn attractive risk-adjusted returns, targeting mid double-digit returns while contributing to the decarbonisation of the power generation sector.

NPV is a 10-year closed ended vehicle, and primarily invests in OECD solar assets and adjacent technologies, such as energy storage, focusing on geographies in which NEC has already built an investment track record and operating presence and expertise.

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NextEnergy UK I ("NEUK I”) is a private unlevered fund investing in greenfield subsidy-free solar projects, with PPA’s, in the UK.

NEUK I is a 10-year closed-ended private fund launched in December 2021.

The Fund is currently 96% deployed across 20 assets delivering 994MW of installed
capacity. Alongside this impressive deployment rate, the Fund has made progress across all key financial reporting metrics.

Please refer to the Transparency and Reporting page under the Sustainability section of this website for the relevant disclosures.

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NextEnergy III ("NEIII") is a private fund exclusively focused on the international solar infrastructure sector, principally targeting projects in carefully selected OECD countries, including the US, Portugal, Spain, Chile, Poland and Italy.

NEIII is a fund that provides a positive social and environmental impact to the countries it has and will invest into.

NEIII completed its fundraise with a total of $896m, including an SMA raised. The target of the fund was $750m.

The fund is classified as Art 9. Under EU SFDR (2019/2088).
Please refer to the Transparency and Reporting page under the Sustainability section of this website for the relevant disclosures.

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In this section, you can find the compliance documents applicable to the Italian companies of the NPV and NextEnergy III funds.

These include the Organisational Model 231, the Code of Ethics, the Anti-Corruption Policy, and a link to the Whistleblowing platform.

Compliance Documents | Italy

NextEnergy II ("NEII") is a private fund made up of 105 individual operating solar power plants and an installed capacity of 149MW, focused on consolidating the substantial, highly fragmented Italian solar market.

NEII was successfully divested in January 2022, a 2016 vintage vehicle that generated net IRRs in excess of its gross target of 10-12%.

Shortly after NextEnergy Capital's foundation in 2007, we invested our own capital into developing a number of solar power projects in Italy and the UK. In 2008 we raised an investment vehicle ("NextEnergy I") to construct and operate 14 of these solar sites for c25MWp of installed capacity. The total capital invested by us, together with third party equity partners and bank debt financing in the 14 sites, amounted to €130 million.

Between 2008 and 2011 we also developed and subsequently divested a further 30 solar sites in Italy.