NextPower UK ESG ("NPUK")
is a private unlevered fund investing in greenfield subsidy-free solar projects, with PPA’s, in the UK.
NPUK ESG recently announced its first close at £327 million, which is over 65% of the funds target of £500 million.
The UK Infrastructure Bank is the cornerstone investor for the fund and plans to invest up to £250 million on a match funding basis.
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.
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.