NextPower III ESG ("NPIII ESG"), the international institutional solar fund of NextEnergy Capital ("NEC"), is pleased to announce the acquisition of Agenor, NPIII ESG's first solar PV asset in Spain.
Agenor is a 50MWp solar plant located in Cádiz, Spain, which is currently under construction by Q CELLS, one of the world's largest technology suppliers and specialist developers in the solar sector. Construction is expected to be completed by Q2 2022 and the plant will benefit from an attractive Power Purchase Agreement with a multinational investment grade corporate off-taker.
This latest successful acquisition further demonstrates NEC's ability to identify and acquire, particularly in the current market environment, the most attractive investment opportunities across the carefully selected geographies for NPIII ESG's strategy. Agenor will add a further 50MW generation capacity when fully operational and increases NPIII ESG's portfolio to 20 projects and 1 portfolio for an installed capacity of 489MW.
Filinto Martins, Managing Director and Head of NPIII ESG, commented:
"The Agenor transaction is a fantastic and strategic addition to the NextPower III portfolio, securing our first acquisition in Spain alongside an attractive corporate PPA. We are excited to work with Q CELLS as the EPC and O&M contractor for this asset, utilising their skillset, technologies and expertise in the Iberian market"
Aldo Beolchini, Chief Investment Officer of NextEnergy Capital, commented:
"Expanding the NextPower III portfolio into Spain is a key milestone for the fund, especially in the continued backdrop of Covid-19. Converting our exciting pipeline, having evaluated over 35GW of solar projects, is a real testament to the team and I look forward to seeing the continued expansion into the Iberian Peninsula and other identified key markets".