The deal, announced at Intersolar Europe, brings more than 20 GW of deployed projects and a presence across 58 countries, with the combined business expected to generate around €300 million in annual revenue.
With agrivoltaic modes, row-level controls and a system built for frost-prone and mixed-soil sites, the company is positioning itself for a more technically demanding phase of European solar development.
A decade on from its tracker origins, the Nasdaq-listed company is using its first Intersolar under the Nextpower name to position itself as a single-source partner for European developers and EPCs.
The $974 million close of NextPower V, backed by European pension funds and a major Japanese institution, takes NextEnergy Capital's total assets under management to approximately $5 billion.
The California-based tracker specialist is acquiring Prevalon Energy for up to $365 million, adding 6 GWh of deployed storage and 1.3 GW of data centre supply contracts to its solar technology platform.
The project, backed by a long-term PPA, sits within a wider solar cluster and is expected to be hybridised with co-located storage to support grid stability.
NextEnergy Capital has recently announced that NextPower UK ESG has increased its total funds committed to date to £653m, exceeding its fundraising target of £500 million by 30%.
The UK Infrastructure Bank has made its first private sector transaction, which will help catalyse a new £500m fund with NextEnergy Capital that could double the amount of subsidy-free solar power in the UK.
