NextEnergy Capital Ltd. announced an impressive achievement, surpassing its fundraising target for the NextPower UK ESG fund by 37%. The new capital influx of £30 million from a Local Government Pension Scheme pushes the total committed funds to £683 million, far exceeding the initial goal of £500 million. The fund, focused on utility-scale solar and battery storage assets, aims to reach a 2GW capacity, eventually powering around 500,000 UK households annually. Launched in August 2022, the fund has already made two distribution payments surpassing targets and demonstrating significant Net Asset Value growth. The fund monetizes the power generated through a contracted strategy, providing predictability and visibility on cash yield. CEO Michael Bonte-Friedheim highlights the sector leadership and hands-on approach that has cemented NPUK’s success. Meanwhile, Shane Swords, Managing Director and Head of Investor Relations, underscores the alignment of NPUK’s strategy with institutional investors’ goals for renewable energy exposure in the UK.
Renewable Energy, Private Equity,United Kingdom
https://www.nextenergycapital.com/news/nextpoweruk-esg-fundraising-target-now-exceeded-by-37/