London-based NextEnergy Capital secured $974 million for its NextPower V strategy, targeting solar and energy storage assets in OECD markets. The final close includes commitments to a blind-pool fund that originally aimed for $1.5 billion, plus capital dedicated to co-investments. The renewables-focused manager declined to specify the breakdown between fund commitments and co-investment allocations.

NextPower V represents significant investor confidence in renewable infrastructure as global markets transition toward cleaner power. The strategy focuses on developed economies within the OECD, where policy stability and mature markets create attractive investment environments. Capital deployment will likely accelerate as the company positions itself in high-growth solar and storage segments.

The fund highlights persistent appetite for renewable energy despite broader market volatility. "The vast majority of the strategy total is composed of direct commitments, with a select few investors co-investing alongside their fund commitment," according to NextEnergy Capital. This structure provides the firm flexibility to pursue larger opportunities while maintaining alignment with key institutional partners.