NextEnergy Solar Fund’s commitment to investment in NextPowerIII brings it a far greater degree of geographic diversification much earlier than could have been delivered by direct project investment. The ability to follow this with co-investment opportunities further widens the opportunity in our view and, by working with a partner experienced in the relevant geographies, reduces risk. With the avoidance of double fees, we see the move as an attractive way to accelerate portfolio diversity as well as opening the door to further asset growth.