After the final closing of its NextPower III ESG fund, solar manufacturer NextEnergy Capital has raised $896 million.
The amount raised exceeds the $750 million target, making this NEC’s largest private fund to date. Pension funds, insurance firms, fund-of-funds, and family offices all put money in.
The NPIII ESG will concentrate on the international solar infrastructure industry, with a focus on projects in OECD nations such as the United States, Portugal, Spain, Chile, and Poland.
The portfolio now contains 742MW of installed capacity split across 23 projects and two portfolios, with a total assessed capacity of more than 35GW, while the fund also has 521MW in development and 3GW under review.
Group CEO and Founding Partner Michael Bonte-Friedheim added “There was an enormous amount of investor interest in the fund as investors’ appetite towards solar, ESG and sustainability funds continued to grow. I am looking forward to the continued development of the fund’s portfolio given the depth and quality of its current pipeline.
“This is an exciting time for NEC as we continue to demonstrate to investors our strong track record as the preeminent investment manager in the international solar sector and continue to identify attractive investment opportunities in the sector for investors to access.”