NextEnergy Capital’s international institutional solar fund has acquired its first project in Spain, a 50MW site in Cadiz.
NextPower 3 ESG acquired the Agenor project, which is under construction and due online in the second quarter of 2022.
Q Cells is constructing the plant, which has a power purchase agreement (PPA) with a multinational investment grade corporate off-taker.
Agenor will add a further 50MW generation capacity when fully operational and increases the solar fund’s portfolio to 20 projects and one portfolio, with an installed capacity of 489MW.
Aldo Beolchini, chief investment officer of NextEnergy Capital, said: “Expanding the NextPower III portfolio into Spain is a key milestone for the fund, especially in the continued backdrop of Covid-19.
“Converting our exciting pipeline, having evaluated over 35GW of solar projects, is a real testament to the team and I look forward to seeing the continued expansion into the Iberian Peninsula and other identified key markets.”