NextEnergy Capital, a global renewables manager specializing in the solar-plus infrastructure sector, has concluded its second close of $265 million for its fifth strategy, NextPower V ESG (NPV ESG), bringing total commitments to $745 million to date.
The new capital includes commitments from a U.K. LGPS investment pool, a Dutch pension fund and another re-up from an existing NextPower III ESG investor. These new investors join existing NPV ESG investors KLP, a German occupational pension fund and a large Nordic pension fund. NPV ESG will continue welcoming further capital, with several investors currently active in due diligence.
NPV ESG is an OECD-focused solar and battery storage strategy targeting $1.5 billion, with a $2 billion hard cap. NPV ESG's pipeline includes projects in Spain, Poland, Italy, Canada and the United States.
The fund aims to build significant portfolios in each target market, establishing an operational track record and divesting the por