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NextPower III makes first investments in Greece

NextEnergy Solar has a $50m commitment to NextPower III ESG which is getting closer to being fully invested. It has just announced its first strategic solar and battery storage acquisitions in Greece. The acquisitions include six utility-scale solar PV projects totalling 132MWp, and a majority in six standalone battery storage projects totalling 400MW.

NextEnergy Group, has been active in Greece since 2021 and has undertaken its first investments in energy storage in 2018. The solar projects will target long-term power purchase agreements (PPAs) for the entirety of their generation, whilst the storage projects are expected to participate in the 2023 CfD auction process (the mechanism used by the Greek government to support investment in this area).

NextPower III ESG’s portfolio capacity currently amounts to over 1.7GW with assets across the USA, Chile, Spain, Portugal, Poland, India, and Greece. It has acquired 23 solar portfolios and one energy storage portfolio since its inception in 2018. 2022 was a very successful year with strong acquisition momentum and a record number of acquisitions being closed totalling about 1.2GW: 123MW in Chile; 210MW in Portugal; 200MW in the USA; 137MW in Spain; 14MW in Poland and, most recently, 532MW in Greece. The fund continues to pursue a large pipeline of solar assets currently under exclusivity. It anticipates full deployment of its capital by the second half of 2023, five months ahead of the end of the investment period.

NESF : NextPower III makes first investments in Greece

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