NextEnergy UK solar fund increases commitments to GBP 653m

London-based renewables manager NextEnergy Capital on Monday said that NextPower UK ESG (NPUK ESG) has so far secured GBP 653 million (USD 835m/EUR 772m) in commitments, surpassing its fundraising target of GBP 500 million.

NPUK ESG, announced in December 2021 and investing in subsidy-free projects, has been backed by a number of LGPS (local government pension scheme) investors, with the latest additional funding coming from London LGPS CIV Ltd. The UK Infrastructure Bank initially provided cornerstone match-funding capital of GBP 250 million.

NPUK ESG is a private UK solar fund focused on acquiring utility-scale solar and battery storage projects that are ready to build. It now has a portfolio of almost 500 MW, of which 75% are operational and construction assets.

“The fund’s strategy has aligned really well with that of the LGPS community and it’s great to see so many LGPS investors backing renewable energy assets here in the UK,” commented Shane Swords, managing director and head of investor relations at NextEnergy Capital.

(GBP 1 = USD 1.279/EUR 1.182)

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