The ownership of around 320 MW of renewable energy generation capacity in Italy has changed hands after its London-based developers sold off the portfolio to an Italian investment firm.
U.K.-based Quercus Investment Partners has sold its Quercus Assets Selection (QAS) management company to Italian investment fund Green Arrow Capital for an undisclosed sum.
The sale, which was announced yesterday, will see 320 MW of Italian solar and wind generation assets managed by QAS pass to the new owner, which stated in a press release it would have almost €2 billion of assets under management as a result of the deal.
QAS, which is registered in the corporate tax haven of Luxembourg, manages the generation facilities under five units: Quercus Italian Solar Fund, Quercus Renewable Energy, Quercus Renewable Energy II, Quercus European Renewables and Quercus Italian Wind Fund.
The seller said closure of the deal would end the first phase of the company’s investment cycle and stated an intent to return to invest in new subsidy-free clean energy generation facilities.
In a press release issued to announce the asset sale yesterday, Diego Biasi, co-founder of Quercus Investment Partners, said: “With the sale of this platform, built in the first 10 years of our activity, Quercus is about to successfully close the first chapter in its history and begin a new investment cycle in conjunction with the support of select key international strategic investors. The renewable energy market is continuing to evolve, and our investment policies aim to extend beyond traditional energy production, including new and attractive market segments rapidly entering the mainstream.”