In light of the recent tariff announcements by the U.S. Administration, we would like to provide an update on how these developments may impact the existing portfolios of NextEnergy Capital and outline our current investment positioning in the United States.
While headlines suggest potential market disruption, the vast majority of our portfolio remains insulated from these changes due to our proactive procurement strategy, focus on de-risked assets, and long-term relationships with supply partners. As a global specialist manager focused exclusively on solar PV and storage, NEC remains confident in the resilience of its portfolios and the long-term fundamentals supporting solar PV growth – including in the USA, where structural demand drivers such as AI data centres and electrification continue to accelerate.
This client memo covers:
1. Project-level impacts and equipment status across the NextPower III ESG and NextPower V ESG portfolios
2. The investment team’s current views on U.S. activity and risk mitigation
3. Broader U.S. market trends, policy outlook, and implications for our investment strategy
4. Wider impacts of Trump’s tariffs on the solar PV supply chain
5. China’s response and market adaptation
