Photo voltaic developer NextEnergy Group’s funding administration arm NextEnergy Capital introduced that it has raised a complete of £733 million (USD$949 million) for NextPower UK ESG, its fund devoted to new photo voltaic and power storage services.
Launched in December 2021, NextPower UK ESG focuses on utility-level photo voltaic belongings within the UK, and has already deployed over 70% of its dedicated capital from traders. The fund now has 249MW of working photo voltaic belongings within the UK, NextEnergy stated, including that it’s anticipated to exceed 1GW of capability when totally deployed. The fund is classed as an Article 9 Fund underneath the EU SFDR regulation.
At a remaining shut of £733 million, the fund considerably exceeded its £500 million goal.
Michael Bonte-Friedheim, Group CEO and Founding Associate of NextEnergy Group, stated:
“NextPower UK clearly demonstrates the demand from traders for this kind of technique, run by a specialist funding supervisor with a major observe report of capital deployment into high-quality belongings.”
The Nationwide Wealth Fund, the UK’s sovereign wealth fund, was the cornerstone investor into the fund, investing £250 million, NextEnergy stated.
Stuart Nivison, Head of Portfolio Administration on the Nationwide Wealth Fund, stated:
“Our cornerstone funding in NextPower UK was our first deal to leverage this scale of extra unbiased funding, and it’s thrilling to see their success story play out by way of this milestone fundraise. Immediately’s announcement completely demonstrates the influence our investments can have. Catalytic capital deployed by the Nationwide Wealth Fund going ahead will help mobilize institutional funding into clear power tasks throughout the UK, driving progress and offering better capability to energy properties and companies.”
