Private ESG Funds

NextPower V ESG (NPV) is NEC’s fifth investment vehicle focused on the solar sector and is targeting capital commitments of $1.5 billion with a $2 billion ceiling.

NPV ESG offers investors the opportunity to earn attractive risk-adjusted returns from the solar PV infrastructure asset class, targeting mid double-digit returns while contributing to the decarbonisation of the power generation sector, reducing electricity prices and increasing energy security.

NPV ESG will primarily invest in OECD solar assets and adjacent technologies, such as energy storage, by focusing on geographies in which NEC has already built an investment track record and operating presence and expertise.

NPV ESG is a 10-year closed ended vehicle that qualifies as an Article 9 Fund under the EU SFDR.

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

NPUK ESG is a 10-year closed-ended private fund launched in December 2021 targeting £500m.

To date, NPUK has raised total commitments of £595m exceeding its target six within six months of first close, with the UK Infrastructure Bank providing cornerstone match-funding of £250m.
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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NextPower III ESG ("NPIII") 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.

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

NPIII 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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NextPower II ("NPII") 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.

NPII 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 (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.