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NextEnergy Capital acquires 248 MW photovoltaic portfolio in Spain

Posted on by darion

This announcement builds on the success of previous acquisitions, including a solar project in the US and two CfD portfolios in Europe. Source: vvaldmann / Shutterstock.

NextEnergy Capital’s (NEC) international fund NextPower V ESG has signed a binding agreement to acquire a 248 MW photovoltaic (PV) portfolio in northeastern Spain.

The 248 MW portfolio consists of 12 photovoltaic projects.

The announcement follows the recent closing of a long-term debt financing for an operating portfolio managed by NextPower V ESG’s predecessor, NextPower III ESG, in the same region.

NextEnergy Capital Managing Partner and CIO Aldo Beolchini stated, “ESG’s NPV continues to go from strength to strength. This latest investment in Spain follows a recent acquisition in Poland, which further demonstrates NEC’s ability to deploy capital quickly and efficiently, while also underlining NEC’s position as a market leader in the solar sector with over 360 MW of capacity added to ESG’s NPV in the last twelve weeks.”

This latest transaction builds on the momentum of recent acquisitions, including a 100 MW solar project in the US and two Contracts for Difference (CfD) portfolios in Europe with a combined capacity of 116 MW.

In 2024, NextPower V ESG has significantly expanded its portfolio – 348 MW is under construction, 116 MW is in operation and over 500 MW is exclusive or in advanced negotiation phase.

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Since inception, NextEnergy Capital (NEC) has analyzed over 88 GW of potential projects and identified 18 GW of investment opportunities for detailed evaluation.

NextPower V ESG has raised a total of $745 million from the investment pool of a UK Local Government Pension Scheme and a Dutch pension fund, as well as buybacks from existing NextPower III ESG investors such as KLP, a German pension fund, and a Nordic pension fund.

NextEnergy Capital continues to attract interest from investors around the world, with many currently conducting due diligence.

The team is working to achieve the fund’s goal of $1.5 billion.

The first operating assets are expected to begin generating dividends in the second half of 2024, and NextPower V ESG builds on NEC’s successful investments in solar and infrastructure since 2007.

The fund has acquired over 400 public utility projects, and previous funds have delivered higher financial returns to investors.

NextPower V ESG investment strategy focuses on the solar energy and infrastructure sectors in select markets of the Organisation for Economic Co-operation and Development.

NextPower V ESG Managing Director Antonio Salvati stated: “We are delighted with the binding agreement to acquire this large Spanish portfolio. NEC currently manages 500 MW of solar assets in this geographic region, which remains an attractive market for capital investment.

“We expect to continue investing in Iberia through our Madrid office, and as NPV ESG currently has a number of additional projects in the region, negotiations are in advanced stages.”