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NextEnergy Capital Sales Solar Project’s Portfolio In Italy

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A file photo of NextEnergy Capital Divests its NextPower II Private Solar Infrastructure Fund Portfolio

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NextEnergy Capital announces the sale of the entire portfolio of operating solar projects owned by NextPower II (the “Fund”) in Italy.

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The Fund’s portfolio comprises 105 individual solar plants for a total installed capacity of c.149MW. Its plants are located across Italy, in regions including Piedmont, Lombardy, Veneto, Tuscany, Puglia, Sardinia, Calabria, Campania, March, Molise, Abruzzo and Emilia-Romagna.

NextEnergy Capital launched NextPower II in 2016 with the investment objective of consolidating the fragmented Italian market of operating solar projects and deploying its technical, operational and financial expertise to improve the technical and operating performance across the portfolio, streamline operating costs and achieve debt financing synergies. In addition, NextEnergy Capital identified and implemented numerous repowering and other value-accretive opportunities to further increase the technical and operating performance across the portfolio.

The portfolio was consolidated across 21 individual acquisitions undertaken by NextEnergy Capital during the Fund’s investment period. At the sale, NextPower II was among the ten largest portfolios of operating solar plants in Italy.

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Michael Bonte-Friedheim, CEO and Founding Partner of NextEnergy Capital, said, “The divestment of NextPower II’s portfolio is the culmination of a focused investment strategy and consolidation plan identified and implemented by NextEnergy Capital starting in 2016.  We are particularly pleased with the exceptional financial results we have generated for the Fund’s investors. NextPower II is the precursor to NextPower III, a private solar infrastructure fund focused on OECD markets which recently exceeded its US$750m fundraising target. We are a focused specialist in the solar sector and will continue to expand our activities across markets and participate in generating a more sustainable future by leading the transition to clean energy.”

Aldo Beolchini, NextEnergy Capital Managing Partner and CIO, said, “NextPower II’s investment strategy was designed to leverage our expertise in developing, acquiring, and managing solar projects. The investment process to achieve a portfolio of over 100 operating projects in three years demonstrates how our exclusive focus on solar accelerates capital deployment in the sector and achieves superior investor outcomes.  The value-add strategy implemented during the ownership phase contributed to this outstanding performance. We look forward to building on NextPower II’s track record in the future and continuing our successful investment programme across jurisdictions.”

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Gianluca Boccanera, NextEnergy Capital MD and Head of Italy, added, “The quality of the investment and portfolio management teams assembled to implement NextPower II’s investment strategy is a testament to NextEnergy Capital’s culture and values. The teams’ ability and combination of skills enabled us to navigate the Italian solar landscape effectively, identify attractive investment opportunities, successfully close 21 investments and generate incremental value through the portfolio consolidation phase. Our operating asset manager, WiseEnergy, made a significant contribution to ensuring this successful outcome.”

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