NextPower UK ESG, a private fund focused specifically on new-build UK solar, has raised £733 million, nearly 50% higher than its target of £500 million, to invest in new projects.
The National Wealth Fund was the cornerstone investor, with £250 million investment on a match-funding basis. New investors included several local government pension pools and international investors.
NPUK’s portfolio has 249MW of operating solar assets in the UK, including Llanwern solar farm, the UK’s largest operating solar asset. It has 482MW of solar and energy storage projects in construction or ready-to-build, with further near-term acquisitions in its pipeline. It aims to reach over 400MW of operating capacity this year and exceed 1GW of capacity when fully deployed.

Michael Bonte-Friedheim, Group CEO and Founding Partner of NextEnergy Group, said: “…The UK remains an attractive and deep market to deploy utility-scale solar and there is a significant opportunity through the UK’s clean energy ambitions for investors to capture this growth with the right execution partners. In anticipation of this, NextEnergy Capital will be launching a new follow-on strategy, NextEnergy UK II, early this summer.”