NextEnergy Capital, a global solar specialist in the renewables sector, has announced the first close of its fifth investment vehicle, NextPower V ESG. The flagship OECD-focused strategy is seeking capital commitments of $1.5 billion with a $2 billion hard cap. The first close commitments amounted to $480m, and the fund is expected to welcome additional investors in its second close later this year. The ten-year closed-ended vehicle offers investors the opportunity to earn attractive risk-adjusted returns from investments in solar PV and energy storage infrastructure assets located in OECD geographies, targeting mid-double-digit returns while contributing to the decarbonisation of the power generation sector, reducing electricity prices and increasing energy security. The fund’s primary geographic targets include Europe, North America, and Chile. The fund follows NEC’s previous OECD solar strategy, NPIII ESG, which raised c.$900m in total commitments. NEC has established itself as a leader in the international solar sector, with a track record of investments in nearly 400 utility-scale solar assets across OECD markets since 2007.