NextEnergy fund buys 27.4-MWp Indian PV plant from IBC Solar

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By Jeremy Levine Design on 2008-02-25 16:07:48
tags NextEnergy fund buys 27.4-MWp Indian PV plant from IBC Solar

July 6 (Renewables Now) – NextEnergy Capital Ltd (NEC) has acquired a 27.4-MWp solar project in India from Germany’s IBC Solar Energy GmbH, the UK investment and operating asset manager said on Monday.

The asset was purchased through NextPower III, NextEnergy Capital’s third institutional solar fund in a deal that marks the fund’s first acquisition on the Indian market. The value of the transaction was not disclosed.

Located in the state of Odisha, the photovoltaic (PV) plant operates under a 25-year power purchase agreement (PPA) with an investment-grade company. It was commissioned in May 2018.

“This acquisition allows NextPower III to further increase its presence globally and enter the Asia Pacific market where we have secured a pipeline of further opportunities,” said Filinto Martins, managing director and head of NextPower III. The fund, which focuses on buying shovel-ready or operational solar projects in OECD countries, is in the process of expanding its portfolio and expects to announce more acquisitions in the third quarter of this year.

Currently, it owns 385 MWp of assets in operation and under construction and has around 800 MWp of projects under exclusivity. NEC’s ultimate goal is to grow NextPower III’s portfolio to around 2.5 GW.