NextEnergy Capital (NEC) has commissioned its latest UK utility-scale solar farm, the 60-megawatt Hatherden project, raising the total operational capacity of its NextEnergy UK I (NEUK I) fund to 380MW, the company said on Monday.
The milestone represents more than a doubling of NEUK I’s portfolio over the past 12 months. The fund remains on track to reach its 1-gigawatt target for solar and energy storage assets, aligning with the UK government’s Clean Power 2030 initiative to deliver 50GW of solar capacity by the end of the decade.
“Hatherden marks the seventh asset energised by NEUK I and demonstrates the continued momentum shown by the team at NEC,” said Ross Grier, chief investment officer at NextEnergy Capital. “The fund also has six assets under construction and a further six assets being prepared for construction. I am immensely proud of the team’s achievements in deploying capital at scale and pace into the UK market and our continued contribution to energy security and decarbonisation.”
Launched in August 2022, the 10-year NEUK I fund closed at approximately £733 million, exceeding its initial target by 50%. The fund is backed by a range of institutional investors, including several Local Government Pension Scheme (LGPS) Pools and the UK’s National Wealth Fund.
According to NEC, more than 95% of the fund’s capital has now been committed across a portfolio of 19 assets. The fund follows a long-term contracted revenue model, with 76% of its operational capacity supported by power purchase agreements (PPAs) and Contracts for Difference (CfDs) for new-build projects.
The Hatherden project adds to a growing pipeline of solar and storage developments aimed at supporting the UK’s transition to low-carbon energy and enhancing domestic energy resilience.
