NextPower III ESG (“NPIII ESG”), NextEnergy Capital’s international institutional solar fund, is pleased to announce its third acquisition in Portugal, adding 39MWp to the portfolio. NPIII ESG’s capacity in operation and under construction currently amounts to 430MWp in carefully selected geographies, including the USA, India, Chile and Portugal.
This latest transaction, successfully secured during the COVID-19 pandemic, demonstrates NPIII ESG investment manager’s ability to continue to finalise investments in a challenging environment.
NPIII ESG has four further projects under exclusivity with a total capacity of circa 313MWp and an additional pipeline of circa 3.8GWp.
▪ This latest project has 39MWp of capacity;
▪ The plant will benefit from a long-term PPA;
▪ Construction is expected to start in Q2/2021 with commissioning in Q1/2022;
▪ This project was developed by the experienced team of Frequent Summer Lda, a leading Portuguese Developer for renewable energy projects, with more than 300MWp currently under development.
NPIII ESG is a closed ended 10-year fund that has already raiased nearly US$300 million. It is targeting 13-15% gross levered IRRs and, based on the assets it has acquired and what it has in exclusivity, it is ahead of this target. As a specialist solar manager that has been in existence for over 13 years, NextEnergy Capital has a very strong track record across all of its funds. WiseEnergy, who is one of the global leaders in asset management with c.€4 billion projects under management, provides asset management services to this project. The investment team is currently focusing its efforts on increasing the portfolios in its carefully selected geographies, including the USA, Latin America and Europe where NPIII ESG has ongoing transactions, and expects to announce further acquisitions soon.
Filinto Martins, Managing Director and Head of NPIII ESG, commented “This acquisition further increases our expansion in Portugal which we see as a key geography with high growth potential. I am excited to see NextPower III ESG continuing to rapidly increase its presence globally, whilst also showcasing the ability of the investment team to seek new exciting deals and bring them to fruition.”
Aldo Beolchini, Managing Partner and NextEnergy Capital’s Chief Investment Officer, commented said “I am very pleased we have added a third Portuguese asset to the NPIII ESG portfolio, which also offers the benefit of a stable long-term PPA in line with our strategy. This is yet another transaction that showcases NPIII ESG’s ability to find new projects in carefully selected geographies and execute. It is truly exciting to see this, especially given NPIII ESG’s potential pipeline of 3.8GWp ”
