NextEnergy Capital Fund Moves to Buy 248 MW Solar Asset in Spain

A fund of NextEnergy Capital (NEC) has signed a binding agreement to acquire a 248-MW solar portfolio in Spain, the London-based renewables manager said today.

The portfolio of 12 photovoltaic (PV) projects located in the northeastern part of the country is the fourth investment for NextPower V ESG (NPV ESG), NextEnergy Capital’s latest fund focused on Organisation for Economic Cooperation and Development (OECD) solar assets and adjacent technologies. The fund previously acquired a 100-MW solar project in the US and two operational contract for difference (CfD) portfolios in Europe of 50 MW and 66 MW.

NPV ESG has so far secured USD 745 million in commitments towards its target of USD 1.5 billion.

NEC said that since NPV ESG’s launch, it has evaluated over 88 GW of pipeline with 18 GW of attractive investment opportunities identified for more detailed review.

Commenting on the Spanish deal, Antonio Salvati, managing director NextPower V ESG at NextEnergy Capital, said: “NEC currently manages c. 500 MW of operating solar assets in this geography which remains an attractive market to deploy capital. We expect to continue investing in Iberia through our Madrid office and as NPV ESG currently has multiple additional projects under advanced negotiation in the region.”