A UK solar fund, managed by NextEnergy Capital and backed by LGPS Central and Brunel Pension Partnership, has received new commitments, taking its total funds to £625m.
The renewables manager announced this week that the fund has received new investment from an unnamed UK defined benefit scheme, bringing the total committed capital to 25% above its target of £500m.
NextPower UK ESG (NPUK), launched in 2022, invests in new-build solar projects and battery storage assets in the UK. The fund has so far acquired 10 UK utility-scale solar assets with a capacity of 497MW.
At first close, the fund had commitments from UK institutional investors from the Local Government Pension Scheme, including Brunel Pension Partnership, LGPS Central and Merseyside Pension Fund.
Alongside these funds, the UK Infrastructure Bank provided a £250m cornerstone investment to the fund, with other commitments from asset owners in the Middle East and Japan.
Michael Bonte-Friedheim, NextEnergy Group’s CEO and founder, said: “We are delighted to mark yet another significant milestone with NextPower UK ESG, and I am proud to announce that a UK defined benefit scheme has joined us, bringing the total funds committed to over £625m, which is 25% above the target of £500m. This is a testament to NextEnergy Capital’s leadership in the solar energy sector.”
