NextEnergy Capital completes US$896mn final close for NextPower III ESG

NextEnergy Capital (NEC), has reached the final close for its NextPower III ESG (NPIII ESG), bringing the total capital raised to US$896 million, including an SMA. Including co-investments closed to date, the total capital pool for its investment strategy exceeds US$905 million.  The capital raised is comfortably above the target of US$750 million and makes this NEC’s largest private fund to date.

NPIII ESG focuses on the international solar infrastructure sector, principally targeting projects in carefully selected OECD countries, including the US, Portugal, Spain, Chile, and Poland. The portfolio currently has an installed capacity of 742 MW spread across 23 projects and 2 portfolios, having assessed in excess of 35 GW, while the fund has a further 521 MW in exclusivity and 3 GW under review.  

The capital was committed by a top-tier and diversified investor base, including pension funds, insurance companies, fund-of-funds, and family offices, demonstrating the strong demand from investors for solar PV and the endorsement of NEC as a highly specialized and experienced investment manager.  NPIII ESG’s investor base comes from 9 countries.