NextEnergy Capital (NEC) is setting up a new investment fund with a focus on solar energy. According to the asset manager, NextPower V ESG (NPV ESG), the fifth of its kind as indicated by the name, will build on previous funding pursuits.

The new fund targets commitments of USD 1.5bn with a USD 2bn ceiling.

Once the investments are finalized, Chief Executive Officer and Founding Partner of Next Energy Group Michael Bonte-Friedheim expects the fund to own installed capacity of approx. 3.5GW.

In a press release, he remarks that he is ”very excited” about the launch:

”NextEnergy is in a very strong position to attract significant investment into NPV ESG, given the success across its predecessor funds and the additional value we provide through our unique expertise across the entire solar value chain,” he says.

NPV ESG will primarily invest in solar energy assets and adjacent technologies, such as battery storage, and primarily within in OECD nations.

The strategy for NPV ESG builds on the investment company’s original OECD solar strategy known as NPIII ESG, which reached final close in January 2022 after raising USD 896m in total commitments.

NPV ESG will have preferential access to NextEnergy Group’s pipeline of approx. 13GW, which ensures investment visibility and sourcing advantage from the outset.