UK's Solar fund exceeds US$ 647 million target to close at US$ 949 million
NextEnergy Capital’s (NEC) solar infrastructure fund, backed by the UK government’s national infrastructure bank, has closed its final fundraising round at GBP 733 million (US$ 949 million), exceeding its GBP 500 million (US$ 647 million) target.
The UK government-owned National Wealth Fund (NWF) contributed GBP 250 million (US$ 323 million) in match-funding to NextPower UK ESG (NPUK). The fund also received support from local government pension schemes, such as London LGPS CIV, LGPS Central, Border to Coast Pensions Partnership, Merseyside Pension Fund, Brunel Pension Partnership, and Strathclyde Pension Fund, along with investors from the Middle East and Japan.
NPUK’s portfolio now comprises 15 assets with a total capacity of 731 MW. This includes 249 MW of operational solar assets across the UK, with the Llanwern solar farm as the largest. Additionally, NPUK has 482 MW of solar and energy storage projects either under construction or ready to begin, along with a pipeline of further near-term acquisitions.
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