Solar company NextEnergy Capital has raised $896m after final close of its NextPower III ESG fund.
The capital raised is above the target of $750m and makes this NEC’s largest private fund to date.
Capital was committed by pension funds, insurance companies, fund-of-funds and family offices.
NPIII ESG will focus on the international solar infrastructure sector, principally targeting projects in selected OECD countries, including the US, Portugal, Spain, Chile, and Poland.
The portfolio currently has an installed capacity of 742MW spread across 23 projects and 2 portfolios, having assessed in excess of 35GW, while the fund has a further 521MW in exclusivity and 3GW under review.
Michael Bonte-Friedheim, Group CEO and Founding Partner, added: “There was an enormous amount of investor interest in the fund as investors’ appetite towards solar, ESG and sustainability funds continued to grow. I am looking forward to the continued development of the fund’s portfolio given the depth and quality of its current pipeline.
“This is an exciting time for NEC as we continue to demonstrate to investors our strong track record as the preeminent investment manager in the international solar sector and continue to identify attractive investment opportunities in the sector for investors to access.”