NextEnergy Capital has announced that its UK solar fund, NextPower UK ESG (NPUK), has raised £733m at its final close – nearly 50% above its £500m target.
As the largest private fund dedicated to new-build UK solar, NPUK plays a key role in the UK’s Clean Power 2030 strategy by enhancing energy security and cutting carbon emissions.
The fund generates stable cash flows through a carefully selected portfolio of utility-scale solar PV projects with long-term contracted revenues. It made its first distribution to investors in September 2023, just 13 months after launch.
The National Wealth Fund was the cornerstone investor, committing £250m on a match-funding basis to attract private capital to UK renewables. Several new investors, including local government pension pools and international firms, also participated in the fundraising.
NPUK has deployed over 70% of its committed capital and recently acquired its fifteenth asset, bringing its total portfolio capacity to 731MW. The fund currently operates 249MW of UK solar assets, including Llanwern, the country’s largest operational solar site.
An additional 482MW of solar and energy storage projects are either under construction or ready to build. With further acquisitions in the pipeline, NPUK aims to add over 400MW of operating capacity this year, surpassing 1GW upon full deployment.
Classified as an Article 9 Fund under the EU SFDR, NPUK delivers measurable impact, including biodiversity enhancements and transparent reporting.
Once fully operational, it is expected to provide clean energy to approximately 371,756 households annually and displace up to 887,003 barrels of oil equivalent each year.
Michael Bonte-Friedheim, Group CEO of NextEnergy Group, attributed NPUK’s success to strong investor demand, announcing plans to launch NextEnergy UK II.
Other investors also highlighted the fund’s role in mobilizing institutional capital and supporting UK clean energy growth.
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