NextEnergy Capital fund switches on 24-MW UK solar park

NextPower UK ESG (NPUK), a private UK fund managed by NextEnergy Capital, has energised the 24-MW Pentlow solar facility in Essex, bringing its operating capacity to 139 MW, according to an announcement today.

This is the fund’s third operating solar asset. It has so far created a portfolio of 10 UK utility-scale solar assets with a capacity of 497 MW, with 75% of this now operational or in construction.

The fund manager noted that the deployment of capital started just seven weeks after the fund's first close with the acquisition of two seed assets, the 75-MW Llanwern and 40-MW Worcestershire operational solar parks. NPUK is expected to reach 2 GW of capacity when fully deployed.

The fund has so far secured GBP 625 million (USD 800m/EUR 734m) and continues to fundraise towards its hard cap of GBP 1 billion. NPUK is investing in new-build solar projects, backed by power purchase agreements (PPAs).

(GBP 1 = USD 1.280/EUR 1.175)

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