NextEnergy acquires 73 MW AgriPV plant in Italy

NextEnergy Capital (NEC) has announced that NextPower V ESG (NPV ESG) has successfully acquired a 73MW advanced Agrivoltaic PV (AgriPV) project in Campania, South-Eastern Italy. 

Upon completion, the project will restore 140 hectares of land, dedicating at least 70% of the area to agricultural use while simultaneously producing renewable electricity through solar PV. It has also secured a 20-year Contract for Difference from the GME DM Agrivoltaico Auction, covering its entire output. This acquisition represents the Fund’s eighth investment, raising its total committed capacity to 670 MW—around 220 MW of which is already operational, with another 230 MW nearing energisation. In addition, 451 MW of solar PV and battery energy storage systems are in advanced negotiations; once finalised, these will boost NPV ESG’s committed capacity to over 1 GW.

The NPV strategy has attracted US$843 million in total commitments, including US$218 million earmarked for co-investments, from a diverse investor base that includes a UK Local Government Pension Scheme (LGPS) investment pool, a Dutch pension fund, and a Japanese insurance company, as well as additional commitments from existing NextPower III ESG backers such as KLP, a German occupational pension fund, and a major Nordic pension fund. The portfolio’s first operational assets are expected to begin paying dividends in the second half of 2025. NPV ESG builds on NEC’s proven track record in the solar-plus infrastructure sector since 2007, during which it has acquired more than 530 utility-scale projects and delivered strong returns in previous funds. The fund maintains a disciplined, contracted-revenue approach, partnering with financially solid counterparties to secure long-term, stable cash flows.

This is a next-generation agrivoltaic (AgriPV) project that integrates utility-scale solar PV with active agricultural land use, aiming to preserve and enhance soil productivity while supporting other traditional farming practices. The initiative has received consistent backing from Coldiretti, Italy’s largest farmers’ association, and Legambiente, a prominent environmental organisation. AgriPV systems present significant benefits, including improved land productivity, more efficient water use, and protection against extreme weather impacts for both crops and grazing livestock.