In its first year, NextPower UK ESG (NPUK ESG), a private solar fund focusing on new-builds, acquired nine assets totalling 416MW of capacity.
Owned by global solar specialist NextEnergy Capital, NPUK ESG managed to acquire two operational seed solar assets seven weeks after the fund’s first close. These included Llanwern, a 75MW solar project based in South Wales, and Strensham, a 40MW solar project located in Worcestershire.
Since then, NPUK ESG has gone on to successfully acquire a further seven utility scale solar assets granting the firm with a portfolio of nine assets and a capacity of 416MW.
NPUK ESG attributed its successful first year of operation down to the “swift deployment of capital that generated attractive cashflows starting seven weeks after the fund’s first close”. This occurred in August 2022.
To date, NextEnergy Capital confirmed that NPUK ESG has raised c.£600 million from investors. NPUK ESG is a 10-year close-ended private fund.
Michael Bonte-Friedheim, CEO and founding Partner of NextEnergy Group, said: “NextPower UK ESG continues to go from strength to strength having made significant progress since its first close some 12 months ago. The fund has already allocated c.60% of its £595m committed capital, acquired 416MW across nine UK solar assets, and made its first distribution of c.10% to investors.
“The NextPower UK ESG team is making good progress on the construction of the portfolio and the fund continues to attract interest from investors around the world, with several in advanced due diligence with the next close scheduled for the end of the year.
“Our team continues to pursue further acquisition opportunities for NPUK ESG, and we expect to continue our capital deployment progress rapidly. One of our key objectives is to rapidly build out new solar power generation capacity in the UK, and we are on track to achieve that target.”