NextEnergy Capital Secures $745 Million for Solar and Battery Storage Fund

Credit: John Guccione/Pexels

, based in London, has achieved a significant milestone with the second close of its fifth investment fund, NextPower V ESG, amassing a total financing of $745 million (EUR 696.3 million) thus far.

According to the British firm's announcement on Monday, the USD 265 million second close was bolstered by investment commitments from a UK LGPS investment pool, a Dutch pension fund, and a reinvestment from an existing NextPower III ESG investor. These new investors have joined NextPower V ESG's existing pool, which includes notable names such as KLP and a large Nordic pension fund.

NextPower V ESG, launched in January 2023, targets and battery storage projects in OECD countries, with a primary focus on Europe, , and Chile. The fund aims to raise between USD 1.5 billion and USD 2 billion and has already secured a robust pipeline of projects. Its inaugural asset is a 100-megawatt solar park under construction in Florida, USA, with a (PPA) in place. Additionally, the fund holds exclusivity over an 18-gigawatt pipeline across Spain, Poland, Italy, , and the United States.

Upon reaching its investment ceiling, NextPower V ESG is projected to deliver 4 gigawatts of capacity, generating green power for up to 1.1 million homes annually. Michael Bonte-Friedheim, CEO of NextEnergy Group, expressed confidence in the fund's trajectory, stating, “The fund continues to draw significant interest from investors worldwide, and I look forward to continuing our global fundraising activities and to announcing further investor commitments to NextPower V ESG and further fund investments shortly.”

Add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Keep Up to Date with the Most Important News

By pressing the Subscribe button, you confirm that you have read and are agreeing to our Privacy Policy and Terms of Use