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.”
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