An unnamed European pension fund has backed NextEnergy Capital鈥檚 (NEC) fifth OECD-focused solar investment fund with a $100m (鈧�91.8m) capital commitment.
NEC said the capital from the pension fund lifts the amount raised for the NextPower V ESG (NPV ESG) to $580m in total commitments to date.
NPV ESG, which seeks to raise $1.5bn with a $2bn hard cap, already counts Norwegian municipal pensions giant KLP, a German occupational pension fund and a 鈥渓arge Nordic pension fund鈥� among its backers.
NEC鈥檚 previous OECD solar strategy, NPIII ESG, reached its final close in January 2022, raising $900m in total commitments.
NEC said NPV ESG is in advanced talks with several potential investors and expects to secure additional capital soon.
The manager said NPV ESG is constructing a 100MW solar project in Florida and has several other investment opportunities from its 18GW pipeline. NPV ESG鈥檚 pipeline includes projects in Spain, Poland, Italy, Canada and the US.
Michael Bonte-Friedheim, CEO and founding partner of NextEnergy Group, said: 鈥淚 am very pleased to announce a further close for NPV ESG, with a commitment from a new institutional investor for our strategies.
鈥漈his additional capital coming into the fund demonstrates NextEnergy Capital strategies coming to the fore as we continue to expand our reach as the go-to specialist solar investment manager focused on OECD markets.鈥�
Shane Swords, NextEnergy Capital managing director and global head of investor relations, said: 鈥淲e are delighted to welcome a new investor into NextPower V ESG, which further accelerates the fund鈥檚 positive momentum and growth.
鈥滻t鈥檚 wonderful to see NextEnergy Capital鈥檚 exemplary track record, extensive experience in solar, and vast opportunities in the solar sector being recognised.鈥�
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