NextEnergy Capital has launched what will be the largest subsidy-free solar-investment fund in the United Kingdom to help tackle climate change and boost regional and economic growth across the region.
The fund, dubbed NextPower U.K. ESG (NPUK ESG), is seeking £500 million ($665 million) in equity commitments to invest in subsidy-free solar-power plants in the United Kingdom. The U.K. Infrastructure Bank is planning to invest as much as to £250 million ($332 million) of that amount and also will finance the initial seed assets of the fund, which have a combined installed capacity of 115 megawatts.
Once NPUK ESG is fully operational, the fund will have an expected generation capacity of 1 gigawatt of power from about 30 U.K. solar farms, and will produce enough clean electricity to power the equivalent of 280,000 households or offset 370,000 carbon-emitting cars per year.
“The launch of NextPower U.K. ESG marks an important milestone in bringing together capi
