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NextEnergy Solar Fund Ltd on Monday said it has agreed a second co-investment with NextPower III ESG for €22.5 million, for a 13% stake in a solar project being constructed in Santarem, Portugal.
NextPower III ESG is a private solar fund worth $806 million, focused on utility scale solar assets in OECD markets.
Energisation of the 210 megawatt project is scheduled to take place in the second quarter of 2023, following which the project is on-track to benefit from a long-term power purchase agreement for the sale of electricity.
NextEnergy will fund the co-investment from its revolving credit facilities.
‘NESF's second co-investment transaction, Santarem, is another testament to the growth progress the fund is making. NESF now has solar investments across the UK, Italy, Spain and Portugal, further adding to the diversification of the portfolio whilst growing NESF's global asset base. NESF continues to benefit from NextEnergy Capital's leading expertise and experience in the international solar market, particularly against the current backdrop of volatility and uncertainty,’ said Chair Kevin Lyon.
Shares in NextEnergy Solar Fund were up 2.2% at 110.37 pence on Monday in London.
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