NextEnergy Capital’s latest international OECD Fund, NextPower V ESG, has entered into a binding agreement to acquire a 248-megawatt portfolio of 12 solar PV projects in Northeastern Spain. Financial terms were not disclosed.
The announcement follows the recent closing of a long-term debt financing for an operational portfolio managed by NPV ESG’s predecessor fund, NextPower III ESG, in the same region. The latest transaction also follows the recent acquisitions of a 100-megawatt solar project in the United States as well as two operational CfD portfolios of 50 megawatts and 66 megawatts in Europe.
NPV ESG has secured $745 million (including $150 million for co-investments) to date toward its target of $1.5 billion. Among its investor base are U.K. LGPS investment pool and a Dutch pension fund, as well as KLP, a German occupational pension fund, and a large Nordic pension fund.
Classified as an Article 9 Fund under the SFDR, NPV ESG’s investment strategy t