New investor commits US$232mn for NextPower III
NextEnergy Capital Group (NEC) has announced new investor commitments of US$232 million into NextPower III ESG international solar fund (NPIII), taking total funds raised to date to US$530 million (including a separately managed account). The new commitments include a German occupational pension fund, Derigo Gmbh&Co.KG and a UK institutional investor.
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 and Italy. The fund has to date acquired 14 projects plus 1 portfolio with a total installed capacity of 400 MW. This ten-year closed-ended fund is targeting a gross IRR of 13-15%.
The Fund is due to close at the end of 2021. NPIII has a significant portfolio of further acquisition targets; there are currently five projects under exclusivity for an installed capacity of 453 MW and a further 351 MW under advanced negotiation. During the third and fourth quarter of 2021 these acquisitions are expected to be completed bringing the Fund’s total installed capacity to 1,200 MW. The Fund also has a significant additional pipeline of investment opportunities it is pursuing.
Country updates
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July 01, 2021
Diode Ventures reaches financial close for 140 MW Grizzly Ridge Solar Project in Hamilton County
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July 01, 2021
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June 30, 2021
Acciona starts construction of 317 MW Solar project in USA
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June 29, 2021
RWE starts the construction of 240 MW Blackjack Creek wind project in Texas
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