U.K.-based Quercus and Swiss Life Fund have agreed to acquire several PV plants with a combined capacity of 18.4 MW in Italy from Spanish solar company X-Elio, a unit of KKR Global Infrastructure Investor. The financial terms of the transaction, which is expected to be finalized in September, were not revealed.
The six facilities, located in Italy’s southern regions of Sicily and Puglia, were acquired by Azienda Solare Italiana S.p.A (ASI), a joint venture between Quercus and Swiss Life Fund, which the two companies took over in a 50/50 deal in April 2016. With this operation, ASI acquired nine solar plants totaling 77.1 MW, that are located in Lazio, Sicily and Puglia, for €310 million.
Quercus said that, including these new plants, its PV asset portfolio in Italy has now reached around 100 MW and that its global renewable energy portfolio has surpassed 300 MW. All the company’s Italian solar assets were built under the country’s incentive schemes Conto Energia.
Quercus is now targeting to raise another €500 million to launch three more funds for further operations in the renewable energy sector: Quercus Italian Solar (€150 million); Quercus Italian Wind (€150 million); and Quercus European Renewables (€200 million). In December, the company had already raised approximately €150 million.