NextEnergy Capital (NEC), through its NextPower V ESG fund, announces the acquisition of a 248 MW portfolio of 12 solar photovoltaic projects located in northeastern Spain.
This strategic transaction is part of NEC’s drive to expand in OECD markets, targeting solar infrastructure to maximize returns while contributing to energy transition objectives.
The agreement represents the fund’s fourth acquisition, consolidating NEC’s presence in the Spanish market, which is already growing rapidly.
The deal comes at a favorable time, marked by a steady decline in the cost of photovoltaic modules and rising electricity prices.
These factors enable NEC to capitalize on optimal investment opportunities, while reinforcing its long-term commitment to the renewable energies sector.
Rapid expansion and diversification
NextPower V ESG has rapidly expanded its portfolio, with 348 MW under construction, 116 MW in operation, and over 500 MW in exclusivity or advanced negotiation.
Since its launch, the fund has evaluated over 88 GW of potential projects, of which 18 GW have been selected for in-depth analysis. This portfolio expansion is underpinned by a rigorous investment strategy focused on creating significant portfolios in key OECD markets.
The fund’s current financial commitments total $745 million, including $150 million in co-investments from various UK and Dutch pension funds and other institutional investors.
NEC is continuing its fund-raising efforts with a target of $1.5 billion, enabling it to maintain a strong investment capacity.
Sustainable investment model
NextPower V ESG’s investment model is based on securing stable, long-term cash flows, backed by contracts with first-rate counterparties.
Classified as Article 9 under the European Union’s SFDR regulation, the fund implements biodiversity preservation initiatives in its projects.
Ultimately, NextPower V ESG aims to generate enough clean energy to power around 1.1 million homes each year, while reducing natural gas consumption by almost 220 million m³ per year.
The fund’s investment strategy is designed to maximize asset value while supporting the energy transition, in particular through the decarbonization of energy sectors.
NEC has demonstrated its expertise with over 400 large-scale solar projects completed to date, confirming its role as a market leader. The recent acquisition in Spain further strengthens this position, and NEC plans to continue investing in Europe, particularly in the Iberian region.
The Madrid office is playing a central role in identifying and negotiating additional projects that are expected to follow this latest transaction.
