NextEnergy Capital Launches $1.5bn Solar Fund

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by KnowESG
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NextEnergy Capital (NEC), which invests in solar energy, has started a new investment vehicle that will look for opportunities in OECD markets.

The fund is targeting $1.5 billion in solar investments, amounting to an installed capacity of 3.5GW.

The NextPower V ESG (NPV ESG) vehicle follows on from the OECD international solar strategy, NextPower III ESG (NPIII ESG), which closed in 2022 with $896 million in total commitments.

Since 2008, NEC has invested in 350 individual utility-scale solar assets across OECD markets.

NPV ESG is NEC’s fifth investment vehicle focused on the solar sector.

The NextEnergy Group, of which NEC is part, is focused on solar and complementary technologies such as battery storage.

NEC will use the strategy for adding value that it has developed and used for its four previous solar investment funds.

NPV ESG is a 10-year closed ended vehicle that will primarily invest in OECD solar assets and energy storage by focusing on geographies in which NEC has already built an investment track record and operating presence and expertise.

NPV ESG will have preferential access to NextEnergy Group’s pipeline of 13GW.

Michael Bonte-Friedheim, CEO and Founding Partner of NextEnergy Group, said: “We are very excited to announce the launch of our Fifth Solar Fund, NextPower V ESG, targeting $1.5 billion for solar investments across OECD countries.

“NPV ESG will continue the investment strategy we successfully conceived and implemented in its predecessor fund, NextPower III ESG.

“At full deployment, we expect the Fund to own an installed capacity of 3.5GW.”

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