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NextEnergy Capital UK solar reaches £595m at third close

NextPower UK ESG a solar infrastructure fund, which is backed by the UK government’s new national infrastructure bank, has held its third close with £595 million (€675m) in capital commitments, according to a report by Investment & Pensions Europe.

NextPower UK ESG (NPUK ESG) a solar infrastructure fund, which is backed by the UK government’s new national infrastructure bank, has held its third close with £595 million (€675m) in capital commitments, according to a report by Investment & Pensions Europe.

The fund’s manager NextEnergy Capital said the amount raised exceeded its target of £500 million. 

The latest close of the fund, which is targeting a hard cap of £1 billion, was supported by a range of investors including UK public pension pool Border to Coast and an existing institutional investor topping up its allocation. According to NextEnergy Capital, the UK Infrastructure Bank (UKIB) also backed the 10-year closed-ended private fund and has now made a total commitment of £250 million.

The fund will focus on investments in unsubsidised new-build solar plants in the UK. 

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