Quercus raises EUR 33m for solar development in Spain, Italy
Solar park in Spain. Featured Image: MilaCroft/Shutterstock.com
August 2 (Renewables Now) - Quercus Real Assets Ltd has closed a EUR-33-million (USD 33.8m) maiden development bond, the proceeds of which will be used to develop greenfield solar projects in Southern Europe with an initial focus on Spain and Italy.
The London-based renewables investor also said on Tuesday that it is currently marketing its second dedicated development bond, which will mirror the successful strategy of the first offering.
Meanwhile, the newly-raised funds will be directed towards the development of a targeted 1.5-GW portfolio that will be twice the size of the one of close to 800 MW that was sold by Quercus to investors in January 2022.
The first projects from the new portfolio are seen to reach the shovel-ready state in the second quarter of next year.
"We are delighted to close our first development bond at its target capital raise, representing a new asset class dedicated to a specific set of investors. Our chosen geographies of Spain and Italy build on the successful exit of our first Spanish development portfolio and is consistent with the new development strategy pursued by the Group. Our interest will, in due course, extend to other Southern European Countries and sectors within the Energy Transition,” commented Diego Biasi, chairman of Quercus.