NextEnergy Capital (NEC) has secured a further capital commitment of $100m to its fifth strategy, NPV ESG.
NPV ESG is an OECD-focused solar and battery storage strategy targeting $1.5bn with a $2bn hard cap that has secured $580 million in total commitments to date.
The additional capital of $100m has been committed by a European pension fund, joining existing NPV ESG investors KLP, a German occupational pension fund and a large Nordic pension fund.
NPV ESG expects to “welcome further capital in short order”, with several investors active in due diligence.
NPV ESG’s investment strategy targets the solar plus infrastructure sector in carefully selected OECD markets, with the objective of building portfolios in each target market, establishing an operational track record and divesting the portfolio at the end of the fund’s holding period in 2033.
NPV ESG leverages NEC’s track record of successful investments in the solar plus infrastructure sector since 2007, with over 400 utility-scale projects acquired and previous funds delivering superior financial returns to investors.
NPV ESG has started its investment cycle with a 100MW utility-scale solar project under construction in Highland County, Florida, USA, and has several other investment opportunities from its 18GW pipeline under exclusivity that are expected to close shortly.
NPV ESG’s pipeline includes projects in Spain, Poland, Italy, Canada, and the US.
Michael Bonte-Friedheim, CEO and Founding Partner of NextEnergy Group, said: “I am very pleased to announce a further close for NPV ESG, with a commitment from a new institutional investor for our strategies.”
NPV ESG focuses on new-build opportunities, contributing to the decarbonisation of the power generation sector, while lowering power prices and increasing energy independency in target markets.