NPIII ESG’s capacity in operation and under construction currently amounts to 430 MW, including the USA, India, Chile and Portugal. This latest transaction, successfully secured during the COVID-19 pandemic, demonstrates NPIII ESG investment manager’s ability to continue to finalise investments in a challenging environment.
NPIII ESG has four further projects under exclusivity with a total capacity of circa 313 MW and an additional pipeline of circa 3.8 GW. The latest project has 39 MW of capacity and the plant will benefit from a long-term PPA.
Expanding solar fund
Construction is expected to start in Q2/2021 with commissioning in Q1/2022. The project was developed by Frequent Summer Lda, a Portuguese Developer for renewable energy projects, with more than 300 MW currently under development. NPIII ESG is a closed ended 10-year fund that has already raised nearly US$300 million. It is targeting 13-15% gross levered IRRs and, based on the assets it has acquired and what it has in exclusivity, it is ahead of this target.
Did you miss that? CCE issues a corporate bond to fund its solar projects
As a specialist solar manager that has been in existence for over 13 years, NextEnergy Capital has a very strong track record across all of its funds. WiseEnergy, with €4 billion projects under management, provides asset management services to this project. The investment team is currently focusing its efforts on increasing the portfolios in its carefully selected geographies, including the USA, Latin America and Europe where NPIII ESG has ongoing transactions, and expects to announce further acquisitions soon.
Portugal with high growth potential
Filinto Martins, Managing Director and Head of NPIII ESG, commented: “This acquisition further increases our expansion in Portugal which we see as a key geography with high growth potential. I am excited to see NextPower III ESG continuing to rapidly increase its presence globally, whilst also showcasing the ability of the investment team to seek new exciting deals and bring them to fruition.”
Aldo Beolchini, Managing Partner and NextEnergy Capital’s Chief Investment Officer, commented: “I am very pleased we have added a third Portuguese asset to the NPIII ESG portfolio, which also offers the benefit of a stable long-term PPA in line with our strategy. This is yet another transaction that showcases NPIII ESG’s ability to find new projects in carefully selected geographies and execute. It is truly exciting to see this, especially given NPIII ESG’s potential pipeline of 3.8GWp”.
About NextEnergy Capital (NEC)
NEC was founded in 2007. Since its inception, it has been active in the development, construction and ownership of solar assets. It currently has solar assets under management of c.US$2.3bn, across three investment vehicles. To date, NEC has invested into over 210 individual solar plants for an installed capacity in excess of 1GWp.
NEC manages three investment vehicles: two private funds, NextPower III ESG and NextPower II, and one listed investment company, NextEnergy Solar Fund Limited.
NextEnergy Capital is also active in the development phase of solar projects. It is progressing a very large pipeline of development projects in the UK totalling in excess of 2 GW and is developing a pipeline of 300 MW in Italy. (hcn)
