NextPower III ESG, a private solar fund managed by UK-based NextEnergy Capital, has acquired a portfolio consisting of 532 MW in solar and energy storage projects in Greece.
The acquisition includes six utility-scale solar projects totaling 132 MW and a majority stake in six standalone energy storage projects totaling 400 MW. NextEnergy will aim to secure long-term power purchase agreements (PPAs) for the solar projects’ entire output, while the storage projects are expected to take part in the 2023 contract for difference (CfD) auction process.
NextPower III ESG was launched in 2018 and reached a final close of 896 million dollars in January 2022. It is looking to deploy its total raised capital by the second half of 2023. It has a portfolio of 1.7 GW in RES projects in US, Chile, Spain, Portugal, Poland, India and Greece.
NextEnergy Chief Investment Officer Aldo Beolchini said that Greece is the second largest market in terms of total electricity demand in southeastern Europe and offers high levels of solar irradiation, ideal for utility-scale solar deployment.