NextEnergy Capital makes maiden India solar acquisition

• Solar capitalist and possession owner NextEnergy Capital (NEC) has actually completed its first project procurement in India as it align a flurry of investments in Q3 2020.

NEC has struck a deal to get a 27.4 MWp project from German project developer and EBC IBC Solar. The project has actually functioned considering that May 2018 and also is backed using a 25-year power acquisition contract with an investment-grade offtaker, the fund stated.

The company made the purchase out of its NextPower III fund, the third such institutional solar fund NextEnergy Capital has actually introduced. Its remit is to purchase projects throughout the globe, as well as today's acquisition notes the beginning of a prepared run of new project purchases it wishes to finish in the coming months.

NextPower III's present capability stands at around 385MW of projects either in operation or under construction, yet an added 8 projects with a combined capability of around 800MWp currently reside in the fund's exclusive pipeline.

Those projects are located in India, the US, Latin America and also Southern Europe, with NEC intending to reveal additional purchases later this quarter.

Filinto Martins, taking care of director and also head of NextPower III, stated today's deal would enable it to enter the Asia Pacific solar market, while the firm's chief financial investment officer and also handling partner Aldo Beolchini admired the NEC team's capacity to shut the deal in a "hard organisation climate" exacerbated by COVID-19.

" We remain to check the COVID-19 circumstance and are really delighted at how robust as well as durable our NextPower III fund has actually been in this environment. We are on track to build a target profile for NextPower III of around 2.5 GW installed solar ability throughout carefully chosen geographies," he said.

SunSource bags SECI co-location tender

In various other information from India today, Solar Energy Corporation of India (SECI) confirmed developer SunSource Energy to have actually won a tender to establish a solar-plus-storage project on the Lakshadweep islands off the country's south west shore.

SECI released the tender process in September of last year, and SunSource have actually won out with the lowest proposal of INR23.5 crore (US$ 3.15 million).

SunSource will now develop 1.95 MWac of solar together with 2.15 MWh of battery energy storage space capability, divided across four islands in the Lakshadweep area, particularly Agatti, Kavaratti, BangaRam and Thinnakara.

The project is anticipated to significantly decrease the islands' reliance on diesel-fuelled generators, which SunSource CEO Adarsh Das described as an "circumstances of the direction in which the power market is headed".