HomeInvestment & Trading ›NextEnergy Capital Raises USD 480 Million for Fifth Solar-Storage Fund in OECD Countries

NextEnergy Capital Raises USD 480 Million for Fifth Solar-Storage Fund in OECD Countries

German occupational pension fund KLP and a huge Nordic pension fund were among the investors, NextEnergy Capital stated it is in discussion with additional investors as it is ready for a close of the fund at the end of this year.

July 04, 2023. By EI News Network

NextEnergy Capital has attained the first conclusion for its fifth investment fund, raising USD 480 million for solar and battery storage projects in OECD countries.

The funding round for NextPower V ESG attracted USD 330 million in direct commitments and received USD 150 million in co-investment allocations.

German occupational pension fund KLP and a huge Nordic pension fund were among the investors, NextEnergy Capital stated it is in discussion with additional investors as it is ready for a close of the fund at the end of this year.

NextPower V ESG was introduced in January with the intent of procuring commitments of USD 1.5 billion with a hard cap of USD 2 billion.

The private investment vehicle will pursue solar assets and complementary technologies such as energy storage in OECD (Organisation for Economic Co-operation and Development) nations, concentrating on markets where NextEnergy Capital has earlier experience.

NextPower V ESG will outlay for 10 years and is aiming for mid-double-digit returns from projects focused in Europe, North America and Chile. It has a pipeline of recognised projects overall of more than 14 GW.

Facilitated with the targeted amount procured, the fund anticipates its assets to produce clean energy for up to 750,000 homes yearly.
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