![Having raised $896 million under its NextPower III ESG Fund in January 2022, NEC has now launched another OECD centered fund. (Photo Credit: NextEnergy Capital)](http://media.assettype.com/taiyangnews%2Fimport%2Fwp-content%2Fuploads%2F2023%2F01%2FPresentation1-75.png?w=480&auto=format%2Ccompress&fit=max)
UK based solar investment and asset manager NextEnergy Capital (NEC) aims to raise $1.5 billion and not more than $2.0 billion for its new Organization for Economic Co-operation and Development (OECD) focused solar fund that's targeted to own an installed capacity of 3.5 GW at full deployment.
CEO and Founding Partner of NextEnergy Group, Michael Bonte-Friedheim said, "We have already identified a pipeline of c.13 GW for NPV ESG, and are preparing to deploy the capital raised rapidly among this opportunity set."
While the new fund will primarily invest in OECD solar assets with 'high degree of visibility' thanks to the 13 GW NEC pipeline, it will also be interested in adjacent technologies as energy storage in targeted geographies.
NextPower V ESG (NPV ESG) is the company's 5th solar centered investment vehicle and follows the recently closed NextPower III ESG fund, also OECD focused, that closed at $896 million (see $896 Million Raised For Solar Infrastructure).
Solar power capacity supported by NPV ESG is expected to generate enough clean energy to be supplied to up to 746,124 households annually and helping avoid an estimated fossil fuel consumption of up to 145.4 million m3 of natural gas per year.
NEC's Managing Director and Head of Investor Relations, Shane Swords said the company's OECD strategy follows 'significant research into investor interest and the market opportunity' since there is significant demand driven by urgency created by climate change and individual government targets.