At Worthwhile Capital Partners, we aim to offer investors investment opportunities that meet their sustainability objectives by a thematic approach to fundraising. This allows us to bring thought leaders, industry experts and investors together to discuss, explore and implement strategies for these targets. Our theme for 2019-2021 is focused on the transition towards a fossil-free energy system and we are currently fundraising for two specialist managers in this important sector. Both managers are strongly committed to reducing greenhouse gas emission and to achieving global climate mitigation targets, offering comprehensive non-financial reporting to fund investors as evidence that they are working towards their sustainability targets.
NextPower III (NextEnergy Capital) – Investing in global solar PV
NextEnergy Capital is a leading specialist investment and asset manager in the solar sector and has been investing in this sector since 2007. The manager has c.160 professionals employed across investment and asset management. NextEnergy Capital has extensive experience in developing and investing in solar PV assets and manages over USD 1.6bn of assets and invested in over 150 solar power assets to date. The manager has an operating asset management division, WiseEnergy. WiseEnergy is the largest operating asset manager of solar plants in Europe and since its inception managed and monitored over 1,500 individual utility-scale solar plants with an installed capacity in excess of 2GW.
NextPower III will invest in the fastest growing renewable energy source in the world – utility scale solar PV. The Fund’s objective is to achieve a portfolio of between 2.5 and 3.0GW in unsubsidized and operating solar projects principally across OECD and OECD Key Partner countries upon full capital deployment.
NPIII focuses exclusively on generating electricity from 100% solar PV sources, thereby contributing to reducing greenhouse gas emission and achieving global climate mitigation targets. The fund targets a reduction of CO2 emission of over 2 million tons per year and supports UN Sustainable Development Goals (SDG) across Clean and Affordable Energy (SDG7), Decent Work and Economic Growth (SDG8), Industry Innovation and Infrastructure (SDG9) and Climate Action (SDG13). NextEnergy Capital achieved the first close of NextPower III, with initial commitments of c.US$160 million, in November 2018, which was predominantly supported by Nordic investors. We are currently raising the remainder of USD 590 million for this fund, which is expected to close later in 2020.
FEIP (Foresight Group) – Investing in the transition towards a new energy system
Foresight Group (“Foresight”) has invested in renewable energy since 2008 and is a leading sustainability-driven global real assets and infrastructure manager. The manager has over 90 professionals dedicated to new energy infrastructure across investment and asset management, with assets under management in excess of EUR 3bn. Foresight Energy Infrastructure Partners (“FEIP”) is a flagship Foresight fund with an investment strategy to designed to capture the opportunity resulting from the transition towards a new, sustainable and fossil free energy system. It has a principal focus on the European market.
FEIP’s strategy recognizes that the energy transition requires not only the build out of zero-carbon energy generation assets such as wind and solar power, but also the addition of flexibility, such as battery storage, to accommodate renewables’ variable output, and new transmission and distribution infrastructure required due to the distributed nature of renewable energy. FEIP invests across all of these elements of the new energy landscape, with a differentiated, conscious approach to portfolio construction.
FEIP’s investment strategy is shaped to achieve specific decarbonization objectives in line with the Paris Climate Agreement. Its approach is aligned specifically with the UN Sustainable Development Goals (SDG), in particular with respect to Affordable and Clean Energy (SDG 7), Industry, Innovation and Infrastructure (SDG 9) and Climate Action (SDG 13). Foresight provides high quality Sustainability and ESG reporting including ongoing monitoring of metrics such as greenhouse gas reduction and greenhouse gas intensity of invested capital, renewable energy generation and diversion of waste from landfill. It is targeting EUR 500m for the fundraise.