Solar power-focused investor NextEnergy Capital has raised $896m for the final close of its third flagship fund.
The raise is well above NEC’s $750m target for NextPower III ESG, which will target the international solar infrastructure sector across OECD countries including the US, Portugal, Spain, Chile and Poland.
Fund III’s portfolio currently has an installed capacity of 742MW spread across 23 projects, and the fund has a further 521MW in exclusivity and 3GW under review.
The new raise comes just a couple of months after NEC launched a £500m-targeting subsidy-free UK-focused solar infrastructure fund, NextPower UK ESG, with the UK Infrastructure Bank planning to invest up to £250m.
NEC has just divested its entire NextPower II solar portfolio in Italy, comprising 105 plants and an installed capacity of 149MW for an enterprise value in excess of €730m.
The 2016-vintage vehicle generated net IRRs to its investors in excess of 25%.
Michael Bonte-Friedheim, NEC’s group CEO and founding partner, said, “We are thrilled to announce the final close of NPIII ESG, having secured total capital commitments well above our target of $750m from new and existing investors.
“There was an enormous amount of investor interest in the fund as investors’ appetite towards solar, ESG and sustainability funds continued to grow.”
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