NextEnergy Capital has acquired its first asset in India, an over 27MWp solar PV project in the eastern state of Odisha, from IBC SOLAR.
The solar investment fund said the plant benefits from a long-term power purchase agreement in place with an AA+ rated investment grade off-taker, covering a 25 year term.
The plant has been operational since 2018 and has been acquired from IBC SOLAR Energy GmbH, the international project division of Germany-based IBC SOLAR AG, who constructed the solar farm.
The solar farm will be own by NextEnergy Capital’s NextPower III fund which now has a 385MWp capacity either operational or under construction.
It says it has eight further projects under exclusivity with a total capacity of circa 800MWp.
NextPower III’s investment strategy is to acquire solar power plants at the ready-to-build status or in operation across high-growth international markets, it says.
The investment team is currently focusing its efforts to increase the portfolios in selected geographies including the USA, Latin America, Southern Europe and India, where NPIII have ongoing transactions, and expects to announce further acquisitions during the third quarter of 2020.
“This acquisition allows NextPower III to further increase its presence globally and enter the Asia Pacific market where we have secured a pipeline of further opportunities,” said MD and head of NextPower III Filinto Martins. “India has a strong focus on the transition to renewable energy and we are proud to play a significant part in that.”
IBC Solar chief executive Udo Möhrstedt added: “The solar park in Odisha is a project we are definitely very proud of.
“It not only was the first project in Eastern-India that was fully developed, financed, constructed and commissioned by IBC SOLAR Energy alone but also an important step for the economic development in Odisha.”