Infrastructure investment company Quercus Asset Selection has revealed details of a new, 360 million ($490 million) investment in the U.K.’s solar PV industry.
The deal, which will see London-based engineering firm Progressum partner with Quercus, will fund the installation of 21 PV plants in central-southern England throughout 2014, with a combined installed capacity of 254 MW.
Construction of the plants has been assigned to Bester Generacion, who had previously worked with Quercus on the installation of a 14 MW PV plant in Cornwall, south west England.
Once complete, this latest project will form part of the Quercus Renewable Energy Fund II. The largest single PV plant in this next phase of development will be 30 MW, and all projects are scheduled to begin commercial operation before the end of 2014.
"With this further investment in U.K. PV projects, we underline our strong interest in the market," said Quercus Asset Selections founding partner, Diego Biasi. "We also might provide our current and prospective investors, European and other, who are interested in taking exposure to the U.K. market, one of the most coveted for investments in renewable energy, with an opportunity for bespoke solutions due to the prospective and stabilized nature that this market will offer now and in the long run."