NextPower III ESG, the international private solar fund backed by NextEnergy Solar Fund (NESF) and others, is buying two 100MW solar projects in Lake Placid, Florida. This deal takes the fund’s total capacity in the USA to 397MW. The two 100MW solar projects will benefit from long-term Power Purchase Agreements (PPAs) for 100% of their generation, currently under negotiation for 10 years.
Following this acquisition, NextPower III ESG’s portfolio capacity increases to over 1GW across the USA, Chile, Spain, Portugal, Poland and India. The fund currently has an additional 300MW under exclusivity across Spain, Poland, and Portugal, which are expected to close in third quarter of 2022.
$896m has been committed to NextPower III by a number of institutional investors in Europe, the Americas and the UK. When fully invested, it will have an installed capacity of around 2GW – so this marks the half way mark. With 2GW of capacity, it can expect to deliver an impact of estimated annual avoided emissions of around the equivalent of 2m tonnes of CO2 (tCO2e) each year, which on a conservative basis is the equivalent to providing energy for more than 1.3m homes.
NESF : Next Power III has over 1GW of capacity