NextPower III ESG fund acquires 42.3MW solar portfolio from Green Genius

Green Genius, a leading European renewable energy developer and NextPower III ESG (“NPIII ESG”), the international solar fund of NextEnergy Capital (“NEC”) have entered into an agreement by which Green Genius sold a 42.3MW solar PV portfolio in Poland.

The portfolio consists of 44 individual solar PV projects which have been awarded a Contract for Difference (“CfD”) through the 2019 renewable energy auction. As a result, all projects benefit from c.100% regulated revenues over 15 years (CPI linked).  Once operational, the portfolio will produce enough clean electricity per year to power the equivalent of circa 24,200 households.

This agreement will mark the third portfolio of solar PV projects developed and sold by Green Genius in Poland since 2019. The first two portfolios with total installed capacities of 45.4MW and 40.4MW respectively were sold to Aberdeen Standard Investments.

In total, Green Genius has already invested more than EUR 100 million in the Polish solar PV space. The company is currently preparing for the construction of its fourth solar PV portfolio which is expected to have a total installed capacity exceeding 140MW.

At the same time, this acquisition will bring NPIII ESG’s portfolio to an installed capacity of 530MWp and continues to demonstrate NextEnergy Capital’s ability and skill to identify and acquire attractive investment opportunities in new and existing jurisdictions.

Ruslan Sklepovič, CEO of Green Genius, commented:

“We are extremely proud to be contributing to Poland’s transition towards a greener future. Societies around the globe are faced with an acute climate crisis, which calls for an urgent and collective action. This is why our mission as a leading developer of renewable energy projects has never been more important. This successful partnership with NextEnergy Capital is a proof that Green Genius is a viable partner for the leading global companies.”

Filinto Martins, Managing Director and Head of NPIII ESG, commented:

“We are delighted to announce this transaction marking NextPower III’s first acquisition in Poland, a market that provides excellent opportunities for our growth strategy.  I am excited that NextPower III ESG continues to rapidly expand its portfolio in carefully selected geographies as we continue to increase our global solar asset footprint.”

Rokas Bancevičius, CFO of Green Genius, commented:

“This transaction is an important milestone not only for Green Genius but for the entire Polish renewable energy market, which has proved to be resilient to the external shocks caused by the global pandemic. We are proud that Green Genius was able to attract another institutional investor to the Polish market, proving that our projects are developed at the highest possible standards. We are also excited about the new partnership with NextEnergy Capital, whose team has paid a special attention on sustainability matters.”

CMS acted as a legal adviser to Green Genius.

About NPIII

NPIII ESG is a fund that provides a positive social and environmental impact to the countries it has and will invest into.  When NPIII is fully invested at US$750m across an installed capacity of circa 2.5GW, it can expect to deliver an impact of estimated annual avoided emissions of circa 2 million tCO2e each year, which on a conservative basis is the equivalent to providing energy for more than circa 1.3 million homes per year.