NextPower III fund aims to invest $100m of its equity in photovoltaic projects in the US
NextPower III seeks to acquire solar projects that are ready-to-build or in operation. (Credit: andreas160578 from Pixabay)
NextEnergy Capital’s third institutional solar fund NextPower III has acquired a portfolio of solar projects with a combined capacity of 100MW in the US state of New York, for an undisclosed sum.
Planned to be commissioned within 18 months, the acquired assets are expected to provide a fixed revenue stream for 25 years supported by the Value of Distributed Energy Resources mechanism in the state.
The acquisition increases the fund’s total capacity of the five projects in operation or under construction, to 285MW.
Additional solar projects have already been identified by NextPower across various states in the US for future investment.
NextPower III is planning to invest $100m of its equity in photovoltaic projects located in the US.
NextEnergy Capital managing partner and chief investment officer Aldo Beolchini said: “Our investment activities are proving to be quite resilient vis-à-vis the COVID-19 situation and we are on track to complete our investment programme.
“The NextPower III team is currently executing acquisitions from our pipeline of projects under exclusivity for over 1GWp.”
NextPower III to acquire solar projects that are ready-to-build or in operation
The NextEnergy Capital’s third institutional solar fund is seeking to acquire solar power plants are ready-to-build status or in operation across high-growth international markets.
NextEnergy Capital debt financing head, managing director Lorena Ciciriello said: “We are particularly excited by this first step in the growing US community solar market. It further consolidates our presence in the US, a solar market of high strategic importance for NextEnergy.
“Through this investment platform we are expecting to raise in excess of $200m of debt and tax equity financing for our US community solar portfolio, extending our current relationships with providers of financing and creating synergies for future transactions.”
Last year, NextPower III has acquired two Virginia-based solar projects totaling 46MW from Urban Grid.