NextEnergy Capital Acquires The First Phase Of A 108MWp Solar PV Project Under Construction In Mexico
NextPower III, NextEnergy Capital's third institutional solar fund, is pleased to announce its first acquisition in Mexico.
✓ First phase of the project is a 36.1MWp plant located in Guanajuato
✓ The 36.1MWp asset is in advanced stages of construction and is expected to be commissioned in the second quarter of 2020
✓ Long-term power purchase agreement in place with an investment grade corporate off-taker
✓ Second phase of the project for up to 108MWp expected to be commissioned by the end of 2020
✓ NextPower III's capacity in operation and under construction, across four projects is now 185.4MWp
✓ NextPower III has 11 projects under exclusivity with a total capacity in excess of 1GWp.
NextPower III's investment strategy is to acquire solar power plants at the ready-to-build status or in operation across high-growth international markets. The investment team is currently focusing its efforts to increase the portfolios in the USA, Latin America, Southern Europe and India, where NPIII have ongoing transactions, and expect to announce further acquisitions during the second quarter of 2020. Further regions will be added with the ongoing growth of NextPower III's capital base.
Filinto Martins, Investment Director of NextPower III, commented:
“This acquisition allows NextPower III to further increase its presence globally and enter the Latin America market where we have secured a significant pipeline of further opportunities. NextPower III is also in advanced execution on the second phase of the project for up to a total 108.3MWp later this year.”
Aldo Beolchini, Managing Partner and Chief Investment Officer, commented:
“We are particularly pleased to announce this transaction in the growing Mexican solar market. It testifies to the international execution capabilities of the NextEnergy Capital team, especially in the current difficult business climate. We continue to monitor the COVID-19 situation and are optimistic about the long-term prospects for the solar industry and for our NextPower III fund. We are on track to build a target portfolio for NextPower III of some 2.5GW installed solar capacity.”