Through its third institutional solar fund NextPower III, the asset manager has acquired the particular project from developers Azimuth Molecule and Cardinal Flexivel. It intends to start building the solar farm this year and bring it online in the third quarter of 2021. Once up and running, the power plant will sell its output under a 10-year power purchase agreement.
NextPower III was set up to acquire solar assets that are shovel-ready or in operation across the markets of the Organisation for Economic Co-operation and Development (OECD). Following the latest deal, the fund's capacity in operation and under construction has grown to 335 MWp, while it also has under exclusivity seven additional projects totalling 450 MWp.
In line with its investment strategy, NextPower III is holding talks for future acquisitions in target markets including the US, Latin America and Europe. Announcements are expected to be made in the current quarter.
“NextPowerIII is already at an advanced stage of negotiations to execute further opportunities in Iberia by the end of the year. We see Iberia as a key geography for the fund and we have a defined growth strategy for Iberia,” said Filinto Martins, managing director and head of NextPower III.