NextEnergy acquires 248 MW solar portfolio in Spain  

NextEnergy Capital’s (NEC) international fund, NextPower V ESG, has secured a binding agreement to acquire a 248 MW solar PV portfolio in northeastern Spain. The portfolio comprises 12 solar PV projects and marks a significant addition to NEC’s rapidly growing renewable energy assets.

This acquisition follows the recent long-term debt financing closure for an operational portfolio managed by NextPower V ESG’s predecessor, NextPower III ESG, in the same region. The latest investment highlights NEC’s strong market presence and its ability to deploy capital swiftly and efficiently. Over the last twelve weeks alone, NextPower V ESG has added more than 360MW of capacity, including a 100 MW solar project in the US and two operational portfolios in Europe totalling 116 MW.

Since the beginning of 2024, NextPower V ESG has significantly expanded its portfolio, with 348 MW under construction, 116 MW operational, and over 500 MW in advanced negotiation stages. The fund has attracted $745 million in commitments from major investors, including the UK Local Government Pension Scheme investment pool, a Dutch pension fund, and re-ups from existing investors like KLP and a German occupational pension fund.

NextPower V ESG is targeting a $1.5 billion fund size, with ongoing interest from global investors. The fund is capitalizing on NEC’s track record of successful solar and infrastructure investments since 2007, with more than 400 utility-scale projects already acquired by previous funds.