NextEnergy solar-storage fund grows investment bag to USD 580m

London-based NextEnergy Capital has secured an additional USD 100 million (EUR 91.5m) for its fifth investment fund targeting solar and battery storage projects in OECD countries, reaching a total of USD 580 million.

The extra capital funding to NextPower V ESG came as a commitment from an European pension fund, NextEnergy Capital said on Thursday. With the move, the unnamed fund has joined the investment vehicle’s list of existing investors, which includes German occupational pension fund KLP and a large Nordic pension fund.

Several more investors are currently conducting due diligence and are expected to make their commitments to the fund “in short order,” according to the statement.

NextPower V ESG was launched in January 2023 to secure commitments of USD 1.5 billion, with a hard cap of USD 2 billion, and invest in solar and battery storage technologies in Europe, North America and Chile. Its seed asset is a 100-MW solar park being built in Florida, USA. It also has exclusivity over an 18-GW pipeline of projects in Spain, Poland, Italy, Canada, and the US.

(USD 1.0 = EUR 0.915)

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