A power purchase agreement has been signed by Statkraft for the output from a 210MW solar plant in Portugal.
Over a period of eight years, the Norwegian energy provider will buy electricity from the Santarém facility.
Three solar power plants are now being built as part of the project, in which NextEnergy Solar Fund has a 13% share.
The PPA, which was previously negotiated between the two parties and covered Agenor, a 50MW Spanish solar facility and NESF’s first co-investment in which the company took a 25% stake alongside NextPower III ESG, strengthens the already strong relationship between NextEnergy Capital and Statkraft.
Together with its $50 million investment in NextPower III ESG, Santarém and Agenor were the first direct foreign co-investments undertaken by NESF.
An established portfolio of operational and under construction international solar assets is available to NESF thanks to NextPower III ESG, a $896 million private solar fund that focuses on utility scale solar assets in OECD nations.
Up to this point, NextPower III ESG has purchased 1.8 GW of solar, which is composed of 149 distinct, high-quality properties located in the United States, India, Chile, Portugal, Spain, Greece, and Poland.
Co-investments with NextPower III ESG are still appealing to NESF because they are made without any fees or carry costs.
UK Managing Director of NextEnergy Capital, Ross Grier, said “The PPA in place for Santarém, of which NESF holds a 13% stake, is with a high credit counterparty, provides secured long-term visibility of cash flows, and ultimately provides stable returns for NESF.”
“International solar co-investments alongside private capital continues to offer attractive growth opportunities for NESF alongside some of the largest institutional investors in the world.”
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