NeXtWind, a European independent power provider, has invested in three wind farms in northern Germany which have a cumulative capacity of 70MW. This is the first stage in NeXtWind’s ambition to invest in developing German wind power assets.
$50 million (€42 million) acquisitions were made in the first six months following the company’s debut fundraising round, in which it raised $100 million from institutional and individual investors including Crestline Investors, Ferd, and ARB Investment Partners. The remainder of the funds will be allocated over the following 12 months, with further fundraising planned for a second wave of expenditure in Germany and Europe.
NeXtWind intends to revitalise the installations with new, more efficient technology. The company is already working with local partners to increase the plants’ current yearly production to about 300 GWh by 2024 to 2026. NeXtWind’s ultimate goal is to establish a 1 GW portfolio of carbon-free projects. The company’s goal is to extend the life of green power assets that are nearing the end of their subsidies and, where feasible, increase their capacity.
NeXtWind currently has several projects in different countries such as China, Korea and the United States. Up to 16 GW of German green power capacity will lose subsidised status by 2025 under a 20-year fixed price guarantee scheme that will be replaced by an auction-based system.