Zak Bentley
The vehicle is aiming for a net IRR of 10% to 15% and has received up to €125 million backing from the EIB.
In the sixth deal from its third fund, the manager buys the Spanish business from Cinven, which rolls the remaining international business into its sixth vehicle.
The firm plans global expansion for the pan-European trailer company, following the deal through its second infra fund, which is close to its $6.5bn hard-cap.
The acquisition of FIM Services, which owns about 137MW of UK wind and solar assets, will treble AUM in the firm’s recently established New Energy division.
The pension pool’s move into a regulated structure allows further schemes to join the platform and boost infra investment capability.
Jamie Richards has been replaced internally by Nigel Aitchison, who previously focused on environmental infrastructure.
The vehicle booked over £1bn in re-ups, with 40% of new commitments coming from Asian investors.
NextPower II has invested across 45 solar sites in Italy, but its successor will have a global reach.
The German manager’s €500m ESPF4 vehicle has added five investors and expects to complete fundraising by the end of the year.
The firm is eyeing a first close in June, following backing from industrial partners, as it focuses predominantly on European greenfield.