NextEnergy Capital Group has secured $232 million more for its NextPower III solar fund, bringing the total committed capital to $530 million.
The new commitments came from German pension fund Derigo and an unnamed institutional investor from the United Kingdom, according to Renewables Now. NextEnergy Solar Fund (NESF) has also committed $50 million to NextPower III.
IREI understands NextPower III is targeting $750 million and has a hard cap of $1 billion. The fund will focus on selected OECD countries, including the United States, Portugal, Spain, Chile and Italy. The fund has a pipeline of around 1.6 gigawatts, including 453 megawatts under exclusivity across Portugal, Chile, Poland and Spain.
NextPower III currently owns a 394-megawatt portfolio, of which 245 megawatts are operational.
