NextEnergy Capital has held the first close of its fifth investment vehicle NextPower V ESG (NPV ESG).

NextPower V ESG has raised a total of US$480 million, consisting of US$330 million in direct commitments and US$150 million in co-investment allocations. Notable investors in NPV ESG include KLP, a German occupational pension fund, and a large Nordic pension fund. NPV ESG operates as a 10-year-closed-ended investment vehicle, offering investors the opportunity to achieve attractive risk-adjusted returns through investments in solar PV and energy storage infrastructure assets located in OECD geographies. The fund targets mid-double-digit returns while actively contributing to the decarbonization of the power generation sector, reducing electricity prices, and enhancing energy security.

NextPower V ESG focuses its investments primarily in Europe, North America, and Chile. These regions have been chosen due to NextEnergy Capital's existing extensive solar PV infrastructure asset portfolio in these areas. NEC has identified a robust pipeline of investment opportunities for NPV ESG, which spans over 14 GW of potential projects within these geographies.