NextEnergy Capital (NEC) has announced the first close of its fifth investment vehicle, NextPower V ESG (NPV ESG).
NPV ESG aims to secure $1.5 billion in capital commitments, focussing on solar projects in OECD countries.
The first close raised $480 million, with investors including KLP and a large Nordic pension fund. Additional investors are expected to join in the second close later this year.
NPV ESG is a ten-year closed-end fund offering risk-adjusted returns from solar PV and energy storage assets. It targets mid-double-digit returns while contributing to decarbonisation, lowering electricity prices and enhancing energy security.
The fund primarily focuses on Europe, North America and Chile, leveraging NEC’s solar PV portfolio.
NEC, known for its utility-scale solar investments, aims to continue its success in the sector. The NextEnergy Group specialises in solar and complementary technologies, providing expertise across the solar value chain.
Michael Bonte-Friedheim, CEO of NextEnergy Group, said, “NPV ESG’s first close represents an important milestone as the fund secures strong investor support from the get-go. Utility-scale solar represents a very large investment opportunity set globally, with total spending in 2023 forecast to reach $382 billion, and we aim to continue our leadership role in the sector. “
Shane Swords, NextEnergy Capital managing director and head of investor relations, said, “The first close of NPV ESG demonstrates an ongoing investor interest in a specialist investment manager with a successful track record of delivery, deployment and superior return generation.”
© 2023 funds europe
