NextEnergy creates new renewables advancement system with 5GW pipeline

• Solar investor as well as asset manager NextEnergy Group has introduced a brand-new renewables development division that will intend to establish 5GW of projects within three years.

Called Starlight, the device has actually been created to "combine as well as quickly increase" NextEnergy's renewables development existence, said the UK-headquartered firm, which needs to day established more than 2GW of utility-scale solar plants.

Established with a team of more than 30 professionals, Starlight will at first create early-stage solar PV projects, with a focus on markets where NextEnergy already has experience.

It has actually been established with around 2.2 GW of under-development as well as functional solar assets in Italy as well as the UK. An extra 1.3 GW pipeline has actually just recently been added in Greece, while much more projects are being analyzed in the United States, Poland, Spain, Chile as well as India.

"Starlight has instantly benefitted from the existing group's deep expertise in the solar market as well as is looking for to expand its team further as well as to work in collaboration with neighborhood developers," said Gianluca Boccanera, managing supervisor at Starlight.

Beyond solar, the department also intends to broaden right into energy storage, wind and green hydrogen projects.

Alongside the new advancement department, NextEnergy Group operates using 2 various other organization systems: investment supervisor NextEnergy Capital (NEC) as well as solar asset supervisor WiseEnergy.

NEC lately elevated almost US$ 900 million for its NextPower III ESG fund, which is aiming to buy 2.5 GW of installed solar assets in markets such as the United States, Portugal, Spain, Chile, and also Poland.

That offer came two months after NEC protected the backing of the UK Infrastructure Bank for its NextPower UK ESG fund, which will certainly have a generation ability of around 1GW of solar power from throughout 30 UK plants when fully operational.

Also in the UK, NEC has this year authorized a virtual power purchase contract (PPA) with Goldman Sachs and an additional PPA with law firm DLA Piper.