NextEnergy Capital’s solar fund has acquired 200MW of solar capacity in Florida.
The NextPower 3 ESG international private solar fund has acquired two 100MW solar projects in Lake Placid.
The deal marks the fund’s fourth acquisition in the US, taking total capacity in the US to 397MW.
The two 100MW solar projects will benefit from long-term power purchase agreements (PPAs) for 100% of their generation, currently under negotiation for 10 years.
Following the acquisition, NextPower 3 ESG’s portfolio capacity increases to over 1GW across the US, Chile, Spain, Portugal, Poland and India.
The fund has an additional 300MW under exclusivity across Spain, Poland, and Portugal, which are expected to close in third quarter of 2022.
NextPower 3 ESG completed its fundraising period in January of this year, when it closed at $896m.
The investor base comprises institutional investors in Europe, the Americas and the UK.
When the fund is fully invested across an installed capacity of circa 2GW, it can expect to deliver an impact of estimated annual avoided emissions of circa 2 million tCO2e each year.
Aldo Beolchini, managing partner and chief investment officer at NextEnergy Capital, said: “By surpassing 1GW in capacity, this acquisition marks a milestone moment for NPIII ESG.
“NPIII ESG continues to perform strongly and capitalise on the team’s in-depth international experience.
“I am excited to announce the progress of the fund as it continues to reach further key achievements.”