NextEnergy Fund, Solar, Acquisition, US, Fund

NextPower III ESG (NPIII ESG), a private solar fund managed by NextEnergy Capital (NEC), has acquired two 100 MW solar projects in Lake Placid, Florida.

Through this acquisition, the company’s portfolio in the U.S. reaches 397 MW. The projects will benefit from long-term power purchase agreements (PPAs) for 100% of their generation, currently under negotiation for ten years.

So far – NEC has invested in over 325 individual solar plants for a capacity above 2.3 GW across its institutional funds.

Following this acquisition, NPIII ESG’s portfolio capacity increased to over 1 GW across the U.S., Chile, Spain, Portugal, Poland, and India.

The company currently has an additional 300MW under exclusivity across Spain, Poland, and Portugal, which are expected to close in the third quarter of 2022.

“By surpassing 1GW in capacity, this acquisition marks a milestone moment for NPIII ESG. NPIII ESG continues to perform strongly and capitalize on the team’s in-depth international experience,” commented Aldo Beolchini, Managing Partner and Chief Investment Officer, NextEnergy Capital.

“We are continuing to pursue attractive opportunities in the international market, particularly with a focus in Spain, Poland, and Portugal, where we have 300 MW under exclusivity,” said Filinto Martins, Managing Director, and Head of NextPower III.

Last week, Washington DC-based Sol Systems, a solar finance and development company, acquired the 91 MW Grandview solar project in Spencer County, Indiana, from Orion Renewable Power Resources, a joint venture between Orion Renewable Energy Group and Eolian. The project is a part of Sol Systems Impact + Infrastructure growth strategy.

According to Mercom’s Q1 solar Funding and M&A report, large-scale solar project acquisition activity remained strong, with over 23 GW of solar projects acquired in Q1 2022 compared to 13.1 GW in Q4 2021. Year-over-year, 15 GW were acquired in Q1 2021. Large-scale solar project acquisitions in Q1 2022 were the second-highest recorded to date.