NextEnergy Capital acquired a 27MW solar PV project from German project developer IBC Solar Energy Gmbh.

London based solar energy investor NextEnergy Capital marks their first entry in India by acquiring 27 MW solar PV project in Odisha from German project developer IBC Solar Energy Gmbh.

The project has been in operation since May 2018 and is backed via a 25-year power purchase agreement with an investment-grade off-taker, NextEnergy Capital said.

The Odisha solar farm will be owned by NextEnergy Capital's NextPower III fund which now has a 385MWp capacity either operational or under construction. NextPower III has eight further projects under exclusivity with a total capacity of around 8000MWp in US, Latin America, and Southern Europe.

Filinto Martins, Managing Director and Head, NextPower III, said: “This acquisition allows NextPower III to further increase its presence globally and enter the Asia Pacific solar market where we have secured a pipeline of further opportunities.”