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NextEnergy raises US$118M at 2nd close of its flagship solar energy-focused fund

NextEnergy Capital Ltd received US$118 million in capital commitments at the second close of its latest flagship NextPower III fund, which is exclusively focused on the international solar energy-infrastructure sector.

The fund, which now has commitments of about US$280 million in total, secured capital from institutional investors, including Finland's Elo Mutual Pension Insurance Co., one of U.K.'s largest charity fund managers CCLA and a Swedish institutional investor.

Since its first close in November 2018, the fund has acquired three projects in the U.S. with a total installed capacity of around 150 MWp, two of which are under construction while the third is operational.

NextPower III has a significant portfolio of acquisition targets under exclusivity, totaling seven projects for an installed capacity of 451 MWp, according to a news release.

During the first quarter, NextEnergy expects to sign further acquisitions for the fund in Mexico, India and the U.S., bringing its total capacity to over 600 MWp. Meanwhile, it expects to acquire more projects in Europe during the course of 2020.

"NextEnergy surpassed significant milestones in late 2019, including having invested in over 200 individual solar projects with a total installed capacity in excess of 1,000 MWp," founding partner and CEO Michael Bonte-Friedheim said.

NextEnergy expects the fund, upon full capital deployment of US$750 million, will have a portfolio of between 2.5 GW and 3.0 GW of operating solar projects across its target markets, which include member countries and key partner countries of the Organization for Economic Cooperation and Development.