NextPower III is a private ESG infrastructure fund established to invest in the international solar sector, specifically to fund the construction and long-term ownership of solar power plants. NextPower III’s target markets comprise mainly OECD countries. It currently has commitments of c.US$280m, and a target size of US$750m.
NPIII currently owns five solar assets, three of which are in the USA, for a total installed capacity of 339MW. Its one operating plant has an installed capacity of 102MW.
NextPower II is a private fund investing in operating solar power plants, focused on the Italian market. Its strategy is to consolidate the substantial, highly fragmented Italian solar market, and has commitments of €232 million, secured from Prudential Assurance Company, a subsidiary of M&G Prudential, a leading institutional investor with more than £500 billion of assets under management, and including Pantheon, an experienced investor in infrastructure, private equity and real assets with over US$42 billion in AUM.
NextPower II currently owns 95 solar plants in Italy comprising c.137MWp and is among the 10 largest solar asset owners in Italy.
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 (NextPower 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.