Solar fund NextPower III has acquired an in-construction 36.1 MWp solar project in the Mexican state of Guanajuato, its first investment in Latin America, the fund’s GP (NextEnergy) said in a 30 March press release.
The project, which should reach COD in 2Q20, has a long-term PPA in place with an investment-grade corporate offtaker and forms part of a wider 108 MWp complex.
Asset manager NextEnergy Capital said that its third fund NextPower III is in “advanced execution on the second phase of the project for a total 108.3 MWp later this year,” and it expects to acquire that phase in the coming weeks.
NextPower III has raised USD 280m to date and has a target size of USD 750m. It currently owns four solar plants, with a total installed capacity of 185.4 MW and with around 1,000 MW in exclusivity, NextEnergy Capital said in its release.