NextEnergy Capital has announced that it has energised its latest utility scale solar asset, the 60 MW Hatherden site, on behalf of NextEnergy UK I (NEUK I).
To date, NEUK I (formerly known as NextPower UK) has rapidly deployed capital into Clean Power 2030. The fund has more than doubled its total operational capacity over the last 12 months and its latest total operating capacity stands at 380 MW. The fund remains on track to achieve its target total of 1000 MW (1 GW) of operational capacity across solar photovoltaics (PV) and energy storage, significantly contributing to the UK’s renewable and energy security goals.
NEUK I is a 10-year fund that has achieved great success to date. Launched in August 2022, NEUK I went on to close at around 50% above its target size with a total of £733 million and was backed by a number of LGPS Pools as well as the National Wealth Fund. NEUK I is now close to full deployment with over 95% of capital allocated with visibility over remaining pipeline plus surplus totalling a portfolio of 19 assets nearing 1 GW in capacity.
The fund capitalises on the UK’s market opportunities, particularly in light of the Clean Power 2030 initiative which aims to achieve approximately 50 GW of solar PV capacity in the UK by 2030. NEUK I leverages NextEnergy Capital’s strong track record in the UK and providing industry expertise across the entire solar value chain, from development and construction to investment.
NEUK I benefits from a long-term contracted revenue strategy with over 76% of the solar portfolio to date securing long-term offtake agreements, including securing new Contracts for Difference (CfD) on new build assets. This is the government’s primary mechanism for supporting low-carbon electricity generation in the UK, ensuring investors receive de-risked, attractive cash yields over the life of the fund.
Ross Grier, Chief Investment Officer, NextEnergy Capital, commented: “Hatherden marks the seventh asset energised by NEUK I and demonstrates the continued momentum shown by the team at NEC. The fund also has six assets under construction and a further six assets being prepared for construction. I am immensely proud of the team’s achievements in deploying capital at scale and pace into the UK market and our continued contribution to energy security and decarbonisation.”
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