NextPower III ESG (NPIII ESG), the international institutional solar fund of NextEnergy Capital (NEC), is pleased to announce the acquisition of Agenor, NPIII ESG’s first solar PV asset in Spain.
Agenor is a 50MWp solar plant located in Cádiz, Spain, which is currently under construction by Q CELLS, one of the world’s largest technology suppliers and specialist developers in the solar sector.
Construction is expected to be completed by Q2 2022 and the plant will benefit from an attractive Power Purchase Agreement with a multinational investment-grade corporate off-taker.
This latest successful acquisition further demonstrates NEC’s ability to identify and acquire, particularly in the current market environment, the most attractive investment opportunities across the carefully selected geographies for NPIII ESG’s strategy.
Agenor will add a further 50MW generation capacity when fully operational and increases NPIII ESG’s portfolio to 20 projects and 1 portfolio for an installed capacity of 489MW.
Filinto Martins, Managing Director and Head of NPIII ESG, commented:
“The Agenor transaction is a fantastic and strategic addition to the NextPower III portfolio, securing our first acquisition in Spain alongside an attractive corporate PPA. We are excited to work with Q CELLS as the EPC and O&M contractor for this asset, utilizing their skillset, technologies, and expertise in the Iberian market.”
Aldo Beolchini, Chief Investment Officer of NextEnergy Capital, commented:
“Expanding the NextPower III portfolio into Spain is a key milestone for the fund, especially in the continued backdrop of Covid-19. Converting our exciting pipeline, having evaluated over 35GW of solar projects, is a real testament to the team and I look forward to seeing the continued expansion into the Iberian Peninsula and other identified key markets.”
NPIII ESG is a fund that provides a positive social and environmental impact to the countries it has and will invest into. Once operational, Agenor will produce enough clean electricity per year to power the equivalent of circa 26,724 homes.
NEC’s ESG screening and due diligence process ensure that the Project and Counterparties are involved in complying with the environmental, social, and governance local legislation and international standards that are applicable, such as the IFC Performance Standards and Equator Principles, to which NEC’s Sustainable Investment Policy references.
Following the initial screening, NEC carried out an ESG review of the site pre-acquisition as part of the ESG due diligence process. An Environmental and Social Impact Assessment (ESIA) was prepared in accordance with the national environmental regulation and approved by the Unified Environmental Authorisation (AAU).
Additional studies and works have also been carried out to adhere to NEC’s high standards of which it upholds.