NextEnergy Capital (NEC) has reached the final close for its NextPower III ESG (NPIII ESG) fund, raising US$896 million.

The total capital pool exceeds US$905 million including co-investment and is raised above the target of US$750 million. The capital was committed by diversified investor base, including pension funds, insurance companies, fund-of-funds, and family offices.

NPIII ESG focuses on the international solar infrastructure sector, principally targeting projects in OECD countries, including the USA, Portugal, Spain, Chile, and Poland. The portfolio currently has an installed capacity of 742 MW spread across 23 projects and 2 portfolios, having assessed in excess of 35 GW, while the fund has a further 521 MW in exclusivity and 3 GW under review.