NextPowerV Acquires 110MW Solar Project in Spain with ESG Focus

NextEnergy Capital (NEC), a leading global renewables manager specializing in the solar+ infrastructure sector, has announced that its OECD-focused fund, NextPower V ESG (NPV ESG), has acquired a 110MW solar PV project in Central Spain. The project was purchased from German solar developer IB Vogt.

Located near Segovia, Spain, the 110MW project is currently under construction and benefits from a long-term power purchase agreement (PPA) with an investment-grade counterparty, ensuring a stable revenue stream for NPV ESG. The project, featuring advanced technologies such as bi-facial solar modules and trackers for enhanced efficiency, is expected to be operational by mid-2025.

This acquisition marks the fund’s fifth investment in approximately one year. It follows the recent addition of a 248MW portfolio in North-Eastern Spain, a 100MW solar project in the U.S., and two operational portfolios in Poland. NPV ESG now boasts a total capacity of 574MW across Spain, the U.S., and Poland, with further projects in advanced negotiations that could bring its capacity to over 1GW.

NEC attributes the fund’s rapid capital deployment to its extensive pipeline, developed through its network of solar investment opportunities. NPV ESG has evaluated over 88GW of projects, identifying 18GW of high-quality investment prospects. The fund’s disciplined revenue model, backed by strong counterparties, positions it for long-term stable cashflows.

With $745 million in commitments, including $150 million for co-investments, NPV ESG is classified as an Article 9 Fund under the EU SFDR, aiming to deliver tangible environmental impacts. Upon reaching its full capacity of 4-5GW, the fund is projected to generate enough clean energy to power up to 1.1 million households annually, avoiding nearly 220 million cubic meters of natural gas consumption.

Aldo Beolchini, CIO of NextEnergy Capital, highlighted Spain’s high solar irradiation and strong renewable energy infrastructure as key drivers for continued investment in the region. Antonio Salvati, Managing Director of NextPower V ESG, emphasized the project’s attractiveness in a market where NEC has significant experience and local presence.