NextEnergy Capital’s NextPower III ESG Fund Energizes 260MW Solar Assets in Spain and Portugal, Advancing Renewable Energy Transition

NextEnergy Capital proudly announces the activation of two additional utility-scale solar assets, totaling 260MW, across Spain and Portugal through its third fund, NextPower III ESG (NPIII ESG). With this, its Iberian footprint reaches 356MW operational capacity, with an additional 110MW under construction. NPIII ESG, having fully utilized its investment period last year, has now deployed all raised capital.

These newly activated assets include a 210MW solar project named Santarém, situated in Santarém, Portugal, and a 50MW solar asset called Agenor, located in Cadiz, Spain. Together, they are estimated to produce 445GWh annually, enough to power approximately 126,700 homes.

Both Santarém and Agenor have secured long-term contracted revenues via Power Purchase Agreements (PPAs) with Statkraft, a prominent corporate off-taker in Europe’s energy market. Notably, the PPA for Santarém represents the largest in Portugal’s history, underscoring the sustained demand for premium corporate PPAs across Europe.

NPIII ESG is a dedicated private fund focused on international solar infrastructure, primarily targeting projects in carefully selected OECD countries such as the US, Portugal, Spain, Poland, Greece, and Italy. With 173 solar and storage assets totaling 1.8GW, NPIII ESG concluded its fundraising in 2022, exceeding its $750m target with a total of $896m, including an SMA raise.

Michael Bonte-Friedheim, CEO and Founding Partner of NextEnergy Group, expressed satisfaction with the progress of the NextPower III ESG portfolio, noting the successful deployment of all capital and the addition of 260MW solar capacity in Iberia, a key target market for the fund. He reiterated NextEnergy Capital’s commitment to advancing the transition to clean energy and adding substantial value to investors as a leading solar specialist investment manager in the renewables sector.

Antonio Salvati, Managing Director of NextPower III & NextPower V, highlighted the significance of Agenor and Santarém’s activation, showcasing the team’s ability to deploy capital effectively and increase generation capacity across OECD target regions, despite the challenges posed by an evolving supply chain and construction landscape.