Guernsey and London teams from MJ Hudson have advised NextEnergy Capital on the first close of its private equity fund NextPower III LP (NP III). The solar energy fund secured initial commitments of $160 million.
NP III’s investment strategy is to invest in new-build solar photovoltaic (PV) projects internationally. NP III is expected to build a diversified portfolio that, when fully invested, will comprise an estimated 50 to 150 individual solar PV plants.
It is anticipated that NP III will typically commit equity of between $5 million to $30 million per solar PV plant. NP III will invest a minimum of 75% of commitments in solar plants located in OECD and OECD key partner countries, with the option of investing up to 25% of commitments in non-OECD/non-OECD key partner countries.
Initial commitments to NextPower III were secured from a pool of institutional investors including a Swedish life insurance company, a Norwegian pension fund (KLP), and a further international investor in private equity, infrastructure and real assets.
MJ Hudson Law provided legal advice from Guernsey and London, whilst MJ Hudson IR & Marketing Solutions advised on preparation of the private placement memorandum and investor pitch documents.
Eamon Devlin and Edyta Brozyniak led MJ Hudson’s legal team, with support from Rabie Abas and Matt Wrigley in Guernsey and Shervin Shameli, Daniel Lewin, Chris Dearie, Sam Burford, Ross Manton, Peter Mallon in London. Nick Gordon and Matthew Craig-Greene led MJ Hudson IR & Marketing Solutions.