Quercus Asset Selection, a company which specializes in infrastructure investments with a focus on renewable energy, has acquired a 27.7MW solar photovoltaic project from Good Energy. The project is already under construction and will be connected by March 2014.
The project, one of the largest in UK, will be built in Milford Haven in Pembrokeshire (Wales), for a total value of £30 million. The asset will form part of Quercus Renewable Energy Fund II, one of the funds managed by Quercus Assets Selection.
This follows the recent acquisition of a 14MW project in Cornwall and a pipeline for 254MW. The company said in a press release that this transaction is another important milestone, in line with the company's objective to build and operate a portfolio of more than 20 photovoltaic plants located in England and Wales by the end of 2014. The total investment value is expected to be circa £350 million.
Quercus Renewable Energy Fund II focuses on implementing an investment policy dedicated to the construction and operation of renewable energy assets, which allows the company and its investors to achieve good yields and long-term stable cash flows. This, while providing a substantial contribution to climate change and a positive impact on the local community and environment.
Simone Borla, Founding Partner of Quercus, said:
"It has been a long negotiation, followed by a thorough due diligence process and in the end we achieved the acquisition of the project in time with an aim to build the plant by the 31st of March 2014 and be eligible for the current incentive scheme in force. We are delighted to have concluded this transaction with a high standing counterpart such as Good Energy, with whom we hope to continue to work on other projects in the near future."