NextEnergy Capital Acquires Its First Asset In Portugal 17.4MWp Solar PV Project
NextPower III, NextEnergy Capital's third institutional solar fund, is pleased to announce its first acquisition in Portugal.
Project was acquired from the developers Azimuth Molecule and Cardinal Flexivel
The plant benefits from a 10 year power purchase agreement, and planning to start construction in Q4/2020 and commissioning in Q3/2021
NextPower III's capacity in operation and under construction, across 8 projects is now 335MWp in multiple geographies
NPIII has during the COVID 19 pandemic, successfully closed 4 transactions across different geographies. In total the fund has now closed 8 transactions.
NextPower III has 7 further projects under exclusivity with a total capacity of circa 450MWp.
NextPower III's investment strategy is to acquire solar power plants at the ready-to-build status or in operations across high-growth OECD international markets. The investment team is currently focusing its efforts to increase the portfolios in its carefully selected geographies including the USA, Latin America and Europe, where NPIII have ongoing transactions, and expects to announce further acquisitions during the fourth quarter of 2020.
Filinto Martins, Managing Director and Head of NextPower III, commented:
“This acquisition allows NextPower III to further increase its presence globally and enter the European market in a country with high growth potential. NextPowerIII is already at an advanced stage of negotiations to execute further opportunities in Iberia by the end of the year. We see Iberia as a key geography for the fund and we have a defined growth strategy for Iberia”
Aldo Beolchini, Managing Partner and Chief Investment Officer, commented:
“Portugal and many other countries worldwide are stepping-up their commitments to increase clean energy generation. Whether it is for reducing their carbon emissions, start-up the green hydrogen economy or to promote a green recovery from COVID pandemic, we are proud to be contributing to this global effort whilst opening new markets for NextEnergy. We are on track to build a target portfolio for our private fund NextPower III of around 2.5GW installed solar capacity internationally.”