UK investor NextEnergy acquires 27.4 MWp solar project in Odisha

Share

Marking its first investment in India, UK-based NextEnergy Capital has announced the acquisition of a 27.4MWp plant in Odisha from IBC Solar Energy GmbH—the international project division of Germany-based IBC Solar AG.

The plant—constructed by IBC Solar Energy and operated since May 2018—benefits from a long-term (25-year) power purchase agreement with an AA+ rated offtaker.

NextEnergy made the investment through its third institutional solar fund, NextPower III. 

The Odisha plant acquisition is in line with NextPower III’s strategy to acquire solar power plants in ready-to-build status or operation across high-growth international markets. It is currently eyeing to increase its portfolio in the USA, Latin America, Southern Europe and India.

With the Odisha plant acquisition, NextPower III’s capacity (in operation and under construction) across six projects is now 385 MWp in multiple geographies.

In a company statement, Filinto Martins, Managing Director and Head of NextPower III, commented: “This acquisition allows NextPower III to increase its presence further globally and enter the Asia Pacific market where we have secured a pipeline of further opportunities.”

“The transaction is another opportunity to execute on an operating asset in a carefully selected country (where the NextEnergy Capital Group has been present for over two years through its asset management company WiseEnergy), at attractive risk-adjusted returns. India has a strong focus on the transition to renewable energy and we are proud to play a significant part in that.”

NextEnergy Capital, founded in 2007, is active in the development, construction and ownership of solar assets. To date, it has invested into over 200 individual solar plants for an installed capacity over 1 GWp.

NextEnergy Capital manages three investment vehicles: two private funds (NextPower III and NextPower II), and one listed investment company (NextEnergy Solar Fund).

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.