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Laxman Pai, Opalesque Asia: Solar specialist NextEnergy Capital (NEC) has hit a target-beating GBP595m ($711m) close for its debut fund - and could go as high as a GBP1bn hard cap.
"The Fund has exceeded its target of GBP500 million and is working towards its hard cap of GBP1 billion, capturing the positive momentum behind the Fund," claimed a press release from the global solar specialist in the renewables sector.
This close of NPUK ESG is comprised of commitments from multiple investors; Border to Coast Pensions Partnership; an existing institutional investor topping up their allocation; and the remaining committed capital from the UK Infrastructure Bank, which has now fully committed GBP250 million into NPUK ESG. Looking forward, the Fund expects to welcome additional investors in due course, the release said.
The NextPower UK ESG fund (NPUK ESG), launched in December 2021, is a private 10-year solar infrastructure fund focused on investing in new-build utility-scale, subsidy-free solar in the UK.
NPUK ESG is a private solar fund focused on unsubsidized new-build solar plants in the UK, which, at hard cap, will produce enough clean energy to power the equivalent of nearly 500,000 households or offset nearly 200,000 carbon-emitting cars on the road each year.
From the Fund's proprietary project pipeline, NEC has already acquired its first five utility-scale solar assets totaling 269MW, of which two are operational. The Fund has deployed capital rapidly...................... To view our full article Click here
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