A fund owned by NextEnergy Capital has acquired a portfolio of community solar projects in the US state of New York totalling about 100MW.
The NextPower III fund, which has a target to invest $100m of its equity in US photovoltaic projects, expects the portfolio to be up and running within 18 months.
NextEnergy said the assets will provide a fixed revenue stream for 25 years.
It added that additional solar projects have already been identified across various states in the US.
The latest deal brings the fund’s total capacity in operation or under construction across five projects to 285MW.
NextPower III has 10 further projects under exclusivity with a total capacity in excess of 1GW.
NextEnergy Capital managing partner and chief investment officer Aldo Beolchini said: “This is the second transaction we executed in a short time following the 36.1MW project in Mexico announced on 30 March, 2020, testifying our international execution capabilities, especially in the current difficult business climate.
“Our investment activities are proving to be quite resilient vis-a-vis the COVID-19 situation and we are on track to complete our investment programme.
“The NextPower III team is currently executing acquisitions from our pipeline of projects under exclusivity for over 1GW.”
NextEnergy Capital head of debt financing Lorena Ciciriello said: “We are particularly excited by this first step in the growing US community solar market.
“It further consolidates our presence in the US, a solar market of high strategic importance for NextEnergy.
“Through this investment platform we are expecting to raise in excess of $200m of debt and tax equity financing for our US community solar portfolio, extending our current relationships with providers of financing and creating synergies for future transactions.”