Bringing its renewable energy portfolio to 266.5 MW, U.K.-based Quercus Assets Selection and Swiss Life Asset Managers have acquired ASI and its Italian solar portfolio in a 50/50 deal. The nine solar plants, totaling 77.1 MW, are located in Lazio, Sicily and Puglia.
The 310 million portfolio will be acquired via a new vehicle, Quercus Swiss Life Italian Solar srl. Completion is expected in Q1 2016. In addition to capital provided by unidentified investors and partners, the deal was also financed through a credit line provided by UBI.
Commenting, Diego Biasi, co-founder and CEO of Quercus said the company intends to make further acquisitions, also in wind, in the Italian market, which boasts a stable investment climate and grid priority for renewables.
"The acquisition of ASI is a strong signal of intent from Quercus and it cements our position as one of the top PV players in Italy. The deal provides an excellent platform to capture additional growth opportunities as the PV market in Italy continues to consolidate," he said.