NextEnergy Capital (NEC) has energised its latest UK utility-scale solar farm, the 60MW Hatherden project, on behalf of its NextEnergy UK I (NEUK I) fund.
The milestone takes the fund’s total operational capacity to 380MW, more than doubling its portfolio over the past 12 months. NEUK I remains on track to reach 1GW of operational capacity across solar and storage assets, in line with the UK’s Clean Power 2030 initiative to deliver 50GW of solar by the end of the decade.
Launched in August 2022, the 10-year fund closed at around £733 million – 50% above target – backed by several LGPS Pools and the National Wealth Fund. Over 95% of its capital has now been allocated across a portfolio of 19 assets, including projects under construction and in preparation.
NEUK I’s portfolio is underpinned by a long-term contracted revenue strategy, with 76% of capacity supported by power purchase agreements and Contracts for Difference (CfDs) on new-build assets.
“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.”