New Frontiers Energy Fund II
New Frontiers Energy Fund II
Investors can tap into Portugal’s fantastic climate for solar production with the opportunity to fill the gap in developing early-stage solar projects to the ready-to-build stage.
Investors can tap into Portugal’s fantastic climate for solar production with the opportunity to fill the gap in developing early-stage solar projects to the ready-to-build stage.
Fund Snapshot
Fund Snapshot
Moderate
Moderate
Investment Sector
Investment Sector
Renewable Energy
Investment Profile
Investment Profile
Solar Investment & Development
Open to US Citizens
Yes
Minimum Investment
€100,000
Subscription Deadline
October 2027
Fund Lifetime
8 years
Fund Manager
Fundbox
CMVM License Number
2358
Background and Management Team
Background and Management Team
Background and Management Team
Each fund manager or fund advisor has been invited to answer a series of questions about their own funds as well as the market in general.
Each fund manager or fund advisor has been invited to answer a series of questions about their own funds as well as the market in general.
Could you please start by giving us some background about yourself and the team working on the New Frontiers Energy Fund 2?
Could you please start by giving us some background about yourself and the team working on the New Frontiers Energy Fund 2?
My name is David Russell and I am one of the advisors to New Frontiers. New Frontiers is an exciting collaboration between Fundbox, the award-winning fund management house behind many successful funds, and a world class group of renewable energy experts. New Frontiers has an excellent origination team headed by Noel Shannon of Shannon Energy. Noel has many years of experience working all over the world, identifying early-stage solar projects which can be developed through to ready to build stage and sold for a significant profit within a few years. New Frontiers is fully CMVM regulated in Portugal, which is the highest level of regulation a golden visa fund can have. NFEF1 already has a track record of generating 10% per annum for its clients and we are confident this second fund in the series will perform likewise.
My name is David Russell and I am one of the advisors to New Frontiers. New Frontiers is an exciting collaboration between Fundbox, the award-winning fund management house behind many successful funds, and a world class group of renewable energy experts. New Frontiers has an excellent origination team headed by Noel Shannon of Shannon Energy. Noel has many years of experience working all over the world, identifying early-stage solar projects which can be developed through to ready to build stage and sold for a significant profit within a few years. New Frontiers is fully CMVM regulated in Portugal, which is the highest level of regulation a golden visa fund can have. NFEF1 already has a track record of generating 10% per annum for its clients and we are confident this second fund in the series will perform likewise.
My name is David Russell and I am one of the advisors to New Frontiers. New Frontiers is an exciting collaboration between Fundbox, the award-winning fund management house behind many successful funds, and a world class group of renewable energy experts. New Frontiers has an excellent origination team headed by Noel Shannon of Shannon Energy. Noel has many years of experience working all over the world, identifying early-stage solar projects which can be developed through to ready to build stage and sold for a significant profit within a few years. New Frontiers is fully CMVM regulated in Portugal, which is the highest level of regulation a golden visa fund can have. NFEF1 already has a track record of generating 10% per annum for its clients and we are confident this second fund in the series will perform likewise.
Why did you decide to create the New Frontiers Energy Fund 2?
Why did you decide to create the New Frontiers Energy Fund 2?
New Frontiers was established in order to invest into the strong renewable energy market in Portugal. Portugal has fantastic year round sunshine, large swathes of farmland which are unsuitable for growing crops or hosting animals, thus perfect for solar panels. The government is also very aligned and supportive of solar expansion, thus NFEF sees Portugal as the perfect country for solar investment and where to base this exciting fund. It is also possible on most sites to install wind turbines and battery storage, thus you create a 24 hour energy producing site which is incredibly attractive to future investors.
New Frontiers was established in order to invest into the strong renewable energy market in Portugal. Portugal has fantastic year round sunshine, large swathes of farmland which are unsuitable for growing crops or hosting animals, thus perfect for solar panels. The government is also very aligned and supportive of solar expansion, thus NFEF sees Portugal as the perfect country for solar investment and where to base this exciting fund. It is also possible on most sites to install wind turbines and battery storage, thus you create a 24 hour energy producing site which is incredibly attractive to future investors.
New Frontiers was established in order to invest into the strong renewable energy market in Portugal. Portugal has fantastic year round sunshine, large swathes of farmland which are unsuitable for growing crops or hosting animals, thus perfect for solar panels. The government is also very aligned and supportive of solar expansion, thus NFEF sees Portugal as the perfect country for solar investment and where to base this exciting fund. It is also possible on most sites to install wind turbines and battery storage, thus you create a 24 hour energy producing site which is incredibly attractive to future investors.
Has the management/advisory team invested in the New Frontiers Energy Fund 2? Please explain that decision.
Has the management/advisory team invested in the New Frontiers Energy Fund 2? Please explain that decision.
Yes, members of the team are themselves personally invested. I would also draw people’s attention to the high 10% hurdle rate which is required for a profit share to take place. This should illustrate the belief the team has in the returns the fund will generate in years to come. We also have one of the lowest management fees out there. NFEF1 is comfortably generating a return of 10% per annum, having launched in 2022.
Yes, members of the team are themselves personally invested. I would also draw people’s attention to the high 10% hurdle rate which is required for a profit share to take place. This should illustrate the belief the team has in the returns the fund will generate in years to come. We also have one of the lowest management fees out there. NFEF1 is comfortably generating a return of 10% per annum, having launched in 2022.
Yes, members of the team are themselves personally invested. I would also draw people’s attention to the high 10% hurdle rate which is required for a profit share to take place. This should illustrate the belief the team has in the returns the fund will generate in years to come. We also have one of the lowest management fees out there. NFEF1 is comfortably generating a return of 10% per annum, having launched in 2022.
Open to US Citizens
Yes
Minimum Investment
€100,000
Subscription Deadline
October 2027
Fund Lifetime
8 years
Open to US Citizens
Yes
Minimum Investment
€100,000
Subscription Deadline
October 2027
Fund Lifetime
8 years
Request a detailed presentation about the fund
Request a detailed presentation about the fund
Investment Strategy & Goals
Investment Strategy & Goals
Investment Strategy & Goals
Each fund manager or fund advisor has been invited to answer a series of questions about their own funds as well as the market in general.
The New Frontiers Energy Fund 2 is a renewable energy fund with a specific focus on installing and developing solar power facilities. Please explain your thought process behind this decision.
The New Frontiers Energy Fund 2 is a renewable energy fund with a specific focus on installing and developing solar power facilities. Please explain your thought process behind this decision.
There is often a funding gap that exists in early-stage solar projects and developing them to the ready-to-build stage. That being said, the value of a solar project will increase most during this time, thus it is worth the time and money to achieve. The Portuguese government also created the Acordo list of projects that have been guaranteed grid connection at some point in the future. It is from this list that we will initially select projects to invest into. We ultimately seek to obtain as many approvals as possible for a particular site- solar/wind and battery. The more approvals, the more potential the site has, the more attractive this is to investors and the higher the share price will be.
There is often a funding gap that exists in early-stage solar projects and developing them to the ready-to-build stage. That being said, the value of a solar project will increase most during this time, thus it is worth the time and money to achieve. The Portuguese government also created the Acordo list of projects that have been guaranteed grid connection at some point in the future. It is from this list that we will initially select projects to invest into. We ultimately seek to obtain as many approvals as possible for a particular site- solar/wind and battery. The more approvals, the more potential the site has, the more attractive this is to investors and the higher the share price will be.
How would you describe the New Frontier Energy Fund 2’s risk profile; Conservative, Moderate, or Ambitious?
How would you describe the New Frontier Energy Fund 2’s risk profile; Conservative, Moderate, or Ambitious?
New Frontiers has a fairly conservative-moderate risk profile. The projects we invest into have been significantly de-risked by the time we get involved. Much of the risk in a project comes from the initial 1-2 years. In addition to the entry point, the fund aims to exit once the site is ready-to-build (RTB), therefore incurring no further construction risk or further costs of building out the site. Many of the projects also come with government guarantees that they will receive a grid connection offer by 2030, so this significantly reduces risk.
New Frontiers has a fairly conservative-moderate risk profile. The projects we invest into have been significantly de-risked by the time we get involved. Much of the risk in a project comes from the initial 1-2 years. In addition to the entry point, the fund aims to exit once the site is ready-to-build (RTB), therefore incurring no further construction risk or further costs of building out the site. Many of the projects also come with government guarantees that they will receive a grid connection offer by 2030, so this significantly reduces risk.
The Golden Visa rules state that a qualifying investment must be held for just five years but the New Frontiers Energy Fund 2 lifetime runs for longer. Could you please explain your fund lifetime including the launch date and subscription period?
The Golden Visa rules state that a qualifying investment must be held for just five years but the New Frontiers Energy Fund 2 lifetime runs for longer. Could you please explain your fund lifetime including the launch date and subscription period?
The Fund was incepted in November 2025 and has an 8-year term. As the Golden Visa rules specify, a 5-year subscription is mandatory for any eligible fund. However, this clock will not potentially begin ticking for 18month-2 years after paperwork is completed for the golden visa and your fund investment begins. The good news is that your money will be invested in the fund and given the potential to grow, it is just that this period will not count towards the 5-year golden visa term until your initial permit is granted. The 8 year term also gives the investments time to reach their maximum value and so investors should see this in their returns.
The Fund was incepted in November 2025 and has an 8-year term. As the Golden Visa rules specify, a 5-year subscription is mandatory for any eligible fund. However, this clock will not potentially begin ticking for 18month-2 years after paperwork is completed for the golden visa and your fund investment begins. The good news is that your money will be invested in the fund and given the potential to grow, it is just that this period will not count towards the 5-year golden visa term until your initial permit is granted. The 8 year term also gives the investments time to reach their maximum value and so investors should see this in their returns.
On average, how long does it take to onboard a Golden Visa investor into the New Frontiers Energy Fund 2 and what are the main obstacles in the onboarding process?
On average, how long does it take to onboard a Golden Visa investor into the New Frontiers Energy Fund 2 and what are the main obstacles in the onboarding process?
Thankfully, we have Fundbox to lean on for the onboarding process, one of the biggest names in the golden visa investment space. As long as the client returns the required paperwork in a timely manner, we typically onboard within a week to 10 days.
Thankfully, we have Fundbox to lean on for the onboarding process, one of the biggest names in the golden visa investment space. As long as the client returns the required paperwork in a timely manner, we typically onboard within a week to 10 days.
In general, some Golden Visa investors are cautious because of the funds' lock-in periods. How do you plan to deal with investors who wish to exit New Frontiers Energy Fund before its full lifetime?
In general, some Golden Visa investors are cautious because of the funds' lock-in periods. How do you plan to deal with investors who wish to exit New Frontiers Energy Fund before its full lifetime?
The fund is listing on the Portfolio Exchange in Madrid. This allows existing investors to sell their units to incoming investors. We typically have a pipeline of 5-10 investors at any one time, thus matching an outgoing ‘seller’ with an incoming ‘buyer’ is very straightforward. We have actually already done this and it typically takes about 30 days to complete the process.
The fund is listing on the Portfolio Exchange in Madrid. This allows existing investors to sell their units to incoming investors. We typically have a pipeline of 5-10 investors at any one time, thus matching an outgoing ‘seller’ with an incoming ‘buyer’ is very straightforward. We have actually already done this and it typically takes about 30 days to complete the process.
What distinguishes the New Frontiers Energy Fund 2 from other Golden Visa-eligible funds operating in the market?
What distinguishes the New Frontiers Energy Fund 2 from other Golden Visa-eligible funds operating in the market?
NFEF2 captures the spirit of the golden visa, what it was designed for, to drive monies into essential infrastructure in Portugal. Your money will not only grow at a very attractive rate of return, but you will be doing something positive for the country you may one day come to live in.
NFEF2 captures the spirit of the golden visa, what it was designed for, to drive monies into essential infrastructure in Portugal. Your money will not only grow at a very attractive rate of return, but you will be doing something positive for the country you may one day come to live in.
Many of those considering the Golden Visa have a number of funds to choose from. What advice can you offer to help investors make the right decision for them?
Many of those considering the Golden Visa have a number of funds to choose from. What advice can you offer to help investors make the right decision for them?
Always ensure it is a regulated fund and eligible fund you are investing in. Some investors may look to diversify among two or three funds. If one of these funds falls out of the eligibility criteria, the entire investment will not qualify your application for a Golden Visa.
As with any investment, ensure your fund of choice has longevity in the market they operate in. Many Golden Visa funds are newly established, and so this measure is best understood by looking at the experience of the team on board and the synergies they bring. We already have one successful fund (NFEF1) which has a 10% track record. Fundbox were also voted Fund Manager of the year for 2024 and 2025. All of this should give investors comfort.
Always ensure it is a regulated fund and eligible fund you are investing in. Some investors may look to diversify among two or three funds. If one of these funds falls out of the eligibility criteria, the entire investment will not qualify your application for a Golden Visa.
As with any investment, ensure your fund of choice has longevity in the market they operate in. Many Golden Visa funds are newly established, and so this measure is best understood by looking at the experience of the team on board and the synergies they bring. We already have one successful fund (NFEF1) which has a 10% track record. Fundbox were also voted Fund Manager of the year for 2024 and 2025. All of this should give investors comfort.
For people who are unfamiliar with investing in funds and may even be nervous about learning, what advice would you like to give them?
For people who are unfamiliar with investing in funds and may even be nervous about learning, what advice would you like to give them?
Book calls with fund representatives. Listen to these people, read the materials and do your research. Also, bring your financial advisor on the call. I have had all manner of advisors on calls with myself and clients and I am more than happy to explain everything to them so the client gets the full picture and makes a confident decision.
Book calls with fund representatives. Listen to these people, read the materials and do your research. Also, bring your financial advisor on the call. I have had all manner of advisors on calls with myself and clients and I am more than happy to explain everything to them so the client gets the full picture and makes a confident decision.
In 2026, the Portuguese Government extended the qualifying threshold for citizenship from 5 years to 10 years. How do you and your investors view this change?
In 2026, the Portuguese Government extended the qualifying threshold for citizenship from 5 years to 10 years. How do you and your investors view this change?
It is essential to look at the list of benefits residency brings and then compare that to the list of citizenship. Except a passport, there is not much else additionally which comes with citizenship. Also, the wait time has simply been extended, the opportunity for a passport has not been removed. Our advice, get in the queue and get your GV application going, residency is fantastic and a passport will be in your hands before you know. But not if you sit on the sidelines and procrastinate.
It is essential to look at the list of benefits residency brings and then compare that to the list of citizenship. Except a passport, there is not much else additionally which comes with citizenship. Also, the wait time has simply been extended, the opportunity for a passport has not been removed. Our advice, get in the queue and get your GV application going, residency is fantastic and a passport will be in your hands before you know. But not if you sit on the sidelines and procrastinate.
What is your outlook for Portugal from both an investment and lifestyle perspective over the coming years?
What is your outlook for Portugal from both an investment and lifestyle perspective over the coming years?
I see Portugal continuing to flourish in both investment and lifestyle. Ranking 12th out of 190 in healthcare system, 1st out of 180 in friendliest and welcoming, 4th out of 49 in renewable energies, to name a few. It is clear to see that Portugal is; and will continue to be, an excellent second home for people all over the globe. The level of english spoken is incredible also across the population and not something for western anglophones to discount.
I see Portugal continuing to flourish in both investment and lifestyle. Ranking 12th out of 190 in healthcare system, 1st out of 180 in friendliest and welcoming, 4th out of 49 in renewable energies, to name a few. It is clear to see that Portugal is; and will continue to be, an excellent second home for people all over the globe. The level of english spoken is incredible also across the population and not something for western anglophones to discount.
Is there anything else you would like to share with potential investors?
Is there anything else you would like to share with potential investors?
If you don’t know, ask. Our team love speaking to interested parties. Book a call with one of our team, who will be happy to walk you through the fund, tell you all of the exciting initiatives we are doing and discuss if the fund is suitable for you.
If you don’t know, ask. Our team love speaking to interested parties. Book a call with one of our team, who will be happy to walk you through the fund, tell you all of the exciting initiatives we are doing and discuss if the fund is suitable for you.
Get in Touch
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