An image of a NextEnergy Capital owned solar farm in the UK. Image: NextEnergy Capital.
An image of a NextEnergy Capital’s Llanwern solar farm in the UK. Image: NextEnergy Capital.

International investment firm NextEnergy Capital has secured US$110 million (£85.75 million) in capital funding for its solar and battery energy storage-focused fund NextPower V ESG (NPV ESG).

The fund secured an additional US$100 million (£77.9 million) in capital from a European pension fund, joining existing NPV ESG investors KLP, a German occupational pension fund and a large Nordic pension fund. The fund expects to welcome further capital in the near future.

NPV ESG’s 18GW pipeline includes projects in Spain, Poland, Italy, Canada and the US.

According to Shane Swords, NextEnergy Capital managing director and global head of investor relations, the new funding will “further accelerate the fund’s positive momentum and growth”. 

Swords said: “NextPower V ESG is our largest international fund to date which will provide a real impact and tangible benefits to the communities and countries where its assets are located, whilst also providing an opportunity for investors looking for strong and stable renewable energy returns.”

London-headquartered NextEnergy Capital has been bolstering its solar and storage pipeline globally following a strong opening year for its UK-based investment strategy NextPower UK ESG (NPUK ESG).

NPUK ESG, a private solar fund focusing on new-builds, acquired nine assets totalling 416MW of capacity across its opening year. The fund secured two operational seed solar assets seven weeks after its first close, as reported by Solar Power Portal in October 2023.

NPUK ESG attributed its successful first year of operation to the “swift deployment of capital that generated attractive cash flows starting seven weeks after the fund’s first close”. This occurred in August 2022.

As of October 2023, NextEnergy Capital confirmed that NPUK ESG raised c.£600 million from investors. NPUK ESG is a 10-year close-ended private fund.

Solar Power Portal’s publisher Solar Media will host the UK Solar Summit on 4-5 June 2024 in London. The event will explore UK’s new landscape for utility and rooftop solar, looking at the opportunities within a GW+ annual market, and much more. For more information, go to the website.