Luxembourg-based infrastructure investment firm Quercus has poured almost $40 million into its Quercus Renewable Energy Fund II to invest in a 27.7 MW solar PV project in Wales, U.K.
Once complete, the PV project will become one of the largest solar farms in Britain, and follows recent Quercus investments in the country, which have included a 14 MW PV project in Cornwall, South West England, and a further 254 MW in the pipeline.
This latest investment sees Quercus acquire the 27.7 MW PV plant from Good Energy. Located in Milford Haven in the south western corner of Wales, construction on the plant has already begun, with completion penciled in for March 2014.
"It has been a long negotiation, followed by a thorough due dilligence process and in the end we achieved the acquisition of the project in time with an aim to build the plant by the 31st of March 2014," said Quercus founding partner, Simone Borla. We are delighted to have concluded this transaction with a high standing counterpart such as Good Energy, with whom we hope to continue to work on other projects in the near future."
The Quercus Renewable Energy Fund II has earmarked nearly $400 million in PV investments for England and Wales, with plans to construct more than 20 individual PV plants in the two countries.