Eversheds Sutherland advises NextEnergy Capital on launch of its largest fund

Eversheds Sutherland has advised NextEnergy Capital (NEC), a leading global solar specialist in the renewables sector, on the structure, launch and first close of its fifth investment vehicle NextPower V ESG (NPV).

NPV– NEC’s largest fund to date – is a flagship OECD-focused solar strategy targeting capital commitments of $1.5 billion with a $2 billion hard cap.

Eversheds Sutherland’s cross-jurisdictional team was led by private funds partner Stefanie Sahla-Jones. The global law firm drew on its funds capabilities in Luxembourg and the US to deliver a successful completion, providing multi-disciplinary advice on various elements of the transaction.

Stefanie was supported by partners Claudia Hoffmann (Luxembourg) and Ed Winters (US), senior associates Grace Li (UK) and Clement Petit (Luxembourg), and associates Joseph Hill (UK) and Makeda Remie (Luxembourg) among many others, with assistance from a number of other disciplines across the firm, including tax and ESG.

NPV is a ten-year closed-ended vehicle investing in solar PV and energy storage infrastructure assets located in OECD geographies. 

The fund’s primary geographic targets include Europe, North America, and Chile, where NEC currently manages an extensive solar PV infrastructure asset portfolio. NEC has identified a pipeline of investment opportunities for NPV ESG spanning over 14GW in these geographies.

Stefanie Sahla-Jones, Partner, Eversheds Sutherland, commented:

“We’re thrilled to have been able to support NEC and to have successfully delivered such a milestone transaction for the business. We’ve had the pleasure of really getting to know and understand the business over the last 12 months, including advising the team on the second and third close for their previous fund, NextPower UK. We look forward to building on that knowledge and understanding to ensure we continue to deliver the very best for the team moving forward.”

Shane Swords, Managing Director, NEC, commented:
“Eversheds Sutherland’s support and guidance on this matter was very professional and they helped us deliver the close exactly as scheduled, six months after launch. The legal technical excellence displayed was notable, so too was its ‘one team’ approach, executing a seamless delivery. We value the relationship and look forward to working with them on the next close on NPV.”