NextEnergy Capital (NEC) has completed a third close of its NextPower U.K. ESG (NPUK ESG) fund at £595 million ($719 million), exceeding its target of £500 million ($604 million).
NPUK ESG, classified as an Article 9 Fund under the E.U. SFDRs, is a private solar fund focused on unsubsidized new-build solar plants in the United Kingdom.
The fund achieved its third close just six months after its first close and two months since its second close. NEC said the fund is still working towards its hard cap of £1 billion ($1.2 billion), at which time it will produce enough clean energy to power the equivalent of nearly 500,000 homes or offset nearly 200,000 carbon-emitting cars each year.
Commitments came from multiple investors, including Border to Coast Pensions Partnership, which re-upped its previous allocation, and the U.K. Infrastructure Bank, which has now committed £250 million ($302 million) into NPUK ESG. The fund expects to add more investors.
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