NextPower III, NextEnergy Capital’s third institutional solar fund, has made its first acquisition in Portugal.

The project was acquired from the developers Azimuth Molecule and Cardinal Flexivel.

The plant will benefit from a 10 year power purchase agreement, with the construction planned for Q4/2020 and commissioning in Q3/2021.

NextPower III’s investment strategy is to acquire solar power plants at the ready-to-build status or in operations across high-growth OECD international markets.

“This acquisition allows NextPower III to further increase its presence globally and enter the European market in a country with high growth potential. NextPowerIII is already at an advanced stage of negotiations to execute further opportunities in Iberia by the end of the year. We see Iberia as a key geography for the fund and we have a defined growth strategy for Iberia.”

Filinto Martins, managing director and head of NextPower III.

“Portugal and many other countries worldwide are stepping-up their commitments to increase clean energy generation. Whether it is for reducing their carbon emissions, start-up the green hydrogen economy or to promote a green recovery from COVID pandemic, we are proud to be contributing to this global effort whilst opening new markets for NextEnergy. We are on track to build a target portfolio for our private fund NextPower III of around 2.5GW installed solar capacity internationally.”

Aldo Beolchini, managing partner and chief investment officer.