NextEnergy Capital Group has held a second close for its NextPower II fund, which secured an additional commitment of €34 million ($41 million) in addition to the initial commitment €150 million ($181 million).
The private equity fund focuses on acquiring operating solar power projects in Italy.
NextPower II’s strategy is to consolidate the large but highly fragmented Italian solar market. Since its first close in June 2016, NextPower II has acquired 45 individual operating solar plants and has established itself among the top 10 solar asset owners in the country.
“We are very pleased to increase the fund size by over 20 percent. This is a direct result of our strong acquisition track record and opportunity pipeline,” said Michael Bonte-Friedheim, founding partner and CEO of NextEnergy Capital. “We continue to pursue additional acquisition opportunities for NextPower II with a view to establishing a larger portfolio of operating projects in Italy. ”
