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NextPower III ESG, the international solar fund of NextEnergy Capital (“NEC”), announced an agreement to acquire a 42.3MW solar PV project portfolio in Poland.
This marks NPIII ESG’s first acquisition in Poland. Completion is expected to occur in Q4 2021 once all assets are constructed and energized.
The solar PV project portfolio has been awarded a Contract for Difference (“CfD”) through the 2019 renewable energy auction, as a result, the project benefits from c.100% regulated revenues over 15 years (CPI linked).
The portfolio was developed by Green Genius (part of Modus Group), a leading European developer of renewable energy projects, which has more than 1.5 GW of projects in various stages of development.
This acquisition will bring NPIII ESG’s portfolio to an installed capacity of 530MWp and continues to demonstrate NextEnergy Capital’s ability and skill to identify and acquire attractive investment opportunities in new and existing jurisdictions.
NPIII ESG is a fund that provides a positive social and environmental impact to the countries it has and will invest into. When NPIII is fully invested at US$750m across an installed capacity of circa 2.5GW, it can expect to deliver an impact of estimated annual avoided emissions of circa 2 million tCO2e each year, which on a conservative basis is the equivalent to providing energy for more than circa 1.3 million homes per year.
Once operational, the portfolio will produce enough clean electricity per year to power the equivalent of circa 24,200 households or remove 11,600 carbon-emitting cars off the road.
Filinto Martins, Managing Director and Head of NPIII ESG, commented: “We are delighted to announce this transaction marking NextPower III’s first acquisition in Poland, a market that provides excellent opportunities for our growth strategy. I am excited that NextPower III ESG continues to rapidly expand its portfolio in carefully selected geographies as we continue to increase our global solar asset footprint.”
Aldo Beolchini, Managing Partner and NextEnergy Capital’s Chief Investment Officer commented: “Poland is facing significant decarbonization challenges with its energy mix dominated by coal, which generates two-thirds of the supply. The acquired portfolio gives NextPower III and its ESG focused investors an excellent opportunity to contribute to addressing this challenge, whilst adding to the fund portfolio’s size, geographical, and revenue diversification.”