Infrastructure investment company, Quercus Asset Selection, has announced that it has acquired 245MW of solar capacity in the UK.
The Luxembourg-based company will acquire the 245MW project pipeline from London-based engineering firm Progressum. The portfolio contains 21 solar farms located across the south of the UK and has a total project value in excess of £300 million.
The construction of the solar farms will be carried out by Spanish renewable company, Bester Generacion – a long-term partner of Quercus.
Commenting on the deal, Diego Biasi, founding partner of Quercus, noted that the strength of the UK solar market was key to the deal. He explained: “With this further investment in UK photovoltaic projects, we underline our strong interest in the market. We also might provide our current and prospective investors, European and other, who are interested in taking exposure to the UK market, one of the most coveted investments in renewable energy, with an opportunity for bespoke solutions due to the prospective and stabilised nature that this market will offer, now and in the long run.”
The solar farms will form part of the Quercus Renewable Energy Fund II and build on the company’s previous investment in a 14MW solar farm in Cornwall.