The Energy Storage Report 2024

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NextEnergy Capital raises US$110 million for Europe/US solar and storage fund

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Investor NextEnergy Capital has received a US$110 million capital commitment for its solar PV and 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.

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NPV ESG’s 18GW pipeline includes projects in Spain, Poland, Italy, Canada and the US. The capital commitment brings the fund’s total to date to US$580 million, a third of the way to the US$1.5 billion target (with a US$2 billion) hard cap.

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.”

To see the original version of this article go to Solar Power Portal.

22 October 2024
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