(Alliance News) - NextEnergy Solar Fund Ltd on Friday reported "a significant milestone" after the energisation of its first two international solar co-investments alongside, NextPower III ESG, bringing an extra 260 megawatts of power online in Europe.
The London-based renewable energy investment company said the assets consist of a 210 megawatt project in Santarem, central Portugal, and a 60MW project in Cadiz, southwestern Spain. The latter project goes by "Agenor".
London-listed NextEnergy owns just under 14% of Santarem and just shy of 25% of Agenor. It owns 6.2% of NextPower III ESG.
"The energisation of these assets adds 46MW to NESF's total installed net capacity on a look-through basis," it added.
"Both Santarem and Agenor benefit from long-term contracted revenues through power purchase agreements with Statkraft, a high-quality corporate off-taker in Europe's energy market. The PPA covering Santarem is notable, being the largest PPA in the history of Portugal to date, showing the continued demand for high-quality corporate PPAs across the European market."
The two assets are expected to produce enough renewable energy per year to power roughly 126,700 homes.
NextEnergy Chair Helen Mahy said: "Energisation of 50MW at Agenor in Spain and 210MW at Santarem in Portugal marks a significant milestone in NESF's expansion and international diversification of our operational solar asset base."
Shares in NextEnergy were up 0.5% to 74.36 pence per share in London on Friday morning.
By Elijah Dale, Alliance News reporter
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NextEnergy Solar (NESF)