NextEnergy Capital Group (NEC) has completed a second close for its NextPower III (NPIII) fund with $118 million in new commitments. The fund has raised a total of $280 million in capital to date, according to the firm.
As the firm’s flagship private ESG infrastructure fund, NextPower III is seeks to fund the construction and long-term ownership of new-build solar power plants across international markets. NPIII’s principal target markets comprise OECD countries, with the flexibility to invest in other high-growth markets.
The second close was funded by a pool of institutional investors including Finnish pension insurance company Elo Mutual Pension Insurance Company, CCLA and a Swedish institutional investor.
Following its first close in November 2018, the fund has acquired three projects in the United States with a total installed capacity of 150 megawatt power. Two of the three projects are under construction, while the third plant was already operating wh