Solar investor NextEnergy Capital (NEC) has launched its latest investment vehicle targeting opportunities in OECD markets.
The fund is targeting $1.5bn in solar investments amounting to an installed capacity of 3.5GW.
The NextPower V ESG (NPV ESG) vehicle follows on from the OECD international solar strategy, NextPower III ESG (NPIII ESG), which closed in 2022 with $896m in total commitments.
NEC’s investments span 350 individual utility-scale solar assets across OECD markets since 2008.
NPV ESG is NEC’s fifth investment vehicle focused on the solar sector.
The NextEnergy Group, which NEC is part of, is focused on solar and complementary technologies such as battery storage.
NEC will implement the value-add strategy developed and deployed across its previous four solar investment funds.
NPV ESG is a 10-year closed ended vehicle that will primarily invest in OECD solar assets, and energy storage, by focusing on geographies in which NEC has already built an investment track record and operating presence and expertise.
NPV ESG will have preferential access to NextEnergy Group’s pipeline of 13GW.
Michael Bonte-Friedheim, CEO and Founding Partner of NextEnergy Group, said: “We are very excited to announce the launch of our Fifth Solar Fund, NextPower V ESG, targeting $1.5bn for solar investments across OECD countries.
“NPV ESG will continue the investment strategy we successfully conceived and implemented in its predecessor fund NextPower III ESG.
“At full deployment, we expect the Fund to own an installed capacity of 3.5GW.”