Image: NextEnergy Capital
NextPower V ESG (NPV ESG), an international renewable energy fund managed by UK-based investment firm NextEnergy Capital (NEC), has acquired a 73 MW agrivoltaics (agriPV) portfolio in Campania, southern Italy.
Spanning 140 hectares, the project integrates large-scale solar PV installations with agricultural land use, dedicating 70% of the area to farming activities. It was recently awarded a 20-year Contract for Difference (CfD) through the GME DM Agrivoltaico auction, securing 100% of its output under the scheme. The first operational asset dividends are expected in the second half of 2025.
The project, supported by major Italian agricultural associations Coldiretti and Legambiente, aims to promote sustainable farming while enhancing soil productivity and generating clean electricity. This dual-use approach reflects NPV ESG’s commitment to combining environmental and community value with long-term energy infrastructure investment.
“This is our largest transaction in Italy and the country’s largest agriPV project to date,” said Antonio Salvati, Managing Director at NPV ESG. “AgriPV brings together nature enhancement, land productivity, community engagement, and clean green energy. Italy remains a key market for us, offering strong solar irradiance and a supportive infrastructure environment.”
This acquisition marks NPV ESG’s eighth investment, bringing its committed portfolio to 670 MW — including 220 MW in operation and 230 MW nearing commissioning. A further 451 MW of solar PV and battery energy storage systems (BESS) are in advanced stages of negotiation, which would push the fund’s total committed capacity beyond 1 GW.
NPV ESG, established in 2007, has raised $843 million in capital commitments, including $218 million in co-investments. Its investors include global institutions such as UK LGPS, a Dutch pension fund, a Japanese insurer, and returning investors including KLP and a leading Nordic pension fund.
Earlier this year, NPV ESG announced its fourth investment — a 248 MW solar PV portfolio across 12 projects in northeastern Spain. To date, the fund has reviewed over 18 GW of what it identifies as high-quality investment opportunities and targets up to 5 GW in renewable energy capacity across its investment cycle.
