NextEnergy Solar co-invests in 210-MW solar project in Portugal

• NextEnergy Solar Fund Ltd (LON: NESF), the detailed investment firm handled by NextEnergy Capital Group, on Monday said it has inked its 2nd co-investment offer abroad for a 13% stake in a 210-MW solar project in Portugal.

The project is unfinished in Santarem and also is expected to find onstream in the 2nd quarter of 2023. A long-lasting power purchase contract (PPA) is being discussed with a "robust creditworthy counterparty."

The financial investment deserves concerning EUR 22.5 million (USD 23.8 m) and will certainly be funded through the firm's revolving credit facilities.

NESF co-invests in the Portuguese project with NextPower III ESG, the private solar fund it made a commitment to last year. In very early 2022, both co-invested in a 50-MW Spanish solar project

"NESF currently has solar investments across the UK, Italy, Spain and Portugal, more adding to the diversification of the portfolio whilst expanding NESF's global asset base," stated NESF chairman Kevin Lyon.

The firm remains to pursue a pipeline of UK as well as international solar opportunities in addition to standalone and co-located battery assets in the UK. It currently has 865 MW throughout 99 assets in the UK and also Italy.