Quercus Raises €33 Million For Solar Developments in Spain And Italy
Aug 03, 2022
Quercus Real Assets Ltd has completed a €33 million (US$33.8 million) initial development bond, the proceeds of which will be used to develop greenfield solar projects in southern Europe, with an initial focus on Spain and Italy.
The London-based renewable energy investor also said on Tuesday (2 August) that it is currently marketing its second dedicated development bond, which will reflect the successful strategy of the initial offering.
Meanwhile, the newly raised funds will be used to develop a targeted portfolio of 1.5GW, which will be twice the size of the nearly 800MW portfolio that Quercus sold to investors in January 2022.
The first projects in the new portfolio are expected to reach readiness in the second quarter of next year.
Diego Biasi, Chairman of Quercus, commented: "We are pleased to close our first development bond at the time of the targeted financing, a new asset class dedicated to specific investors. Our choice of Spanish and Italian geographic locations builds on the successful exit of our first Spanish development portfolio and is in line with the new growth strategy pursued by the Group. Our interest will be extended in due course to other southern countries "European countries and sectors in the energy transition."
(1 Euro = 1.023 USD)
