NextEnergy Capital acquires solar power plant in Odisha from IBC SOLAR

NextEnergy Capital, through its third institutional solar fund NextPower III, has acquired a 27.4MW solar power plant in Odisha, India from IBC SOLAR Energy for an undisclosed price.

IBC SOLAR, which is the international project unit of Germany-based IBC SOLAR, built the solar power plant in Odisha and operated it since May 2018.

Udo Möhrstedt – CEO of IBC SOLAR said: “The solar park in Odisha is a project we are definitely very proud of. It not only was the first project in Eastern-India that was fully developed, financed, constructed and commissioned by IBC SOLAR Energy alone but also an important step for the economic development in Odisha. Especially in and after times of crisis, renewable energy and solar energy in particular also have considerable economic potential which must be exploited, next to the contribution to climate protection.”

NextPower III aims is to purchase solar power plants at the ready-to-build status or in operation in high-growth international markets.

NextEnergy Capital acquires solar power plant in Odisha from IBC SOLAR. Photo courtesy of Michael Schwarzenberger from Pixabay.

The Odisha solar power represents the first acquisition in India for NextPower III, whose capacity in operation and under construction, from six projects is now 385MW in multiple regions. NextPower III has eight more projects under exclusivity with a total capacity of around 800MW.

Filinto Martins – Managing Director and Head of NextPower III said: “This acquisition allows NextPower III to further increase its presence globally and enter the Asia Pacific market where we have secured a pipeline of further opportunities. The transaction is another opportunity to execute on an operating asset in a carefully selected country (where the NextEnergy Capital Group has been present for over two years through its asset management company WiseEnergy), at attractive risk-adjusted returns.

“India has a strong focus on the transition to renewable energy and we are proud to play a significant part in that.”