NextEnergy Capital launches solar fund targeting USD 1.5bn

London-based NextEnergy Capital is launching its fifth solar fund, NextPower V ESG, which is seeking to secure commitments of USD 1.5 billion (EUR 1.4bn) with a ceiling of USD 2 billion.

The new private investment vehicle will invest in solar assets and complimentary technologies such as energy storage in OECD (Organisation for Economic Co-operation and Development) countries with a focus on markets where NextEnergy Capital has experience.

The fund is successor to the NextPower III ESG vehicle, which launched in 2018 and closed in 2022, raising USD 896 million, including a separately managed account.

The investment management firm says that a pipeline of around 13 GW has already been identified for the new fund. When fully deployed, it is expected to hold around 3.5 GW of installed capacity.

(USD 1 = EUR 0.925)

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