Quercus signs agreement with BayWa r.e. for acquisition of over 700 MW of Spanish PV development assets
BayWa r.e. selected as a strategic investor for one of the largest PV portfolios available in the Spanish market.
Luxembourg, 3rd February 2022. BayWa r.e. global renewable service provider, energy developer and distributor, has been selected through an international tender process as the strategic investor for the acquisition of a Spanish PV development portfolio sponsored by Quercus, a specialist investor in renewable energy.
The portfolio is comprised of 11 PV development projects in Spain with installed capacity of over 700 MW, representing one of the largest portfolios available in the Spanish market of late.
The transaction, signed at the beginning of January, involves BayWa r.e. acquiring the projects when those are delivered by Quercus at a ready-to-build stage. In Spain, BayWa r.e. has been present since 2010 where it already has a track record of 378 MWp of renewable energy capacity installed, 200 MWp expected to be commissioned by the first quarter of 2022, and a pipeline of over 1.5 GW planned for delivery by 2025.
Greenhill, a leading independent investment bank with a strong track record in the Spanish renewable energy market, has acted for Quercus as its exclusive financial advisor for marketing and execution of the transaction.
Diego Biasi, Director of Quercus in Luxembourg, said: “All parties involved in this complex deal have done an outstanding job and Quercus is proud to have achieved this collective result. The deal re-iterates the increasingly indispensable industrial component in the sector and we at Quercus are developing our business by further aligning ourselves in this regard”.
Rafael Esteban, Managing Director of BayWa r.e. Projects España S.L.U., commented: “We are delighted to have reached this agreement with Quercus for the acquisition of this pipeline. These projects add to our well-established pipeline of solar and wind projects in Spain. The agreement marks another important step in BayWa r.e.’s contribution and commitment to driving the green energy transition in the country”.
Quercus is an investment company operating out of Luxembourg and dedicated to the development portfolio investment. Quercus is being supported by Quercus Real Assets Limited, an investment advisor specialising in energy transition investments.
Diego Biasi and Simone Borla had founded Quercus by establishing a Luxembourg-based fund which successfully completed over €1bn in gross investments since inception in five different successful strategies. In January 2020, Quercus’s Chairman, Diego Biasi, joined forces with Marco D’Arrò, founder of the Real Asset Group (a capital advisory firm having raised €3.6bn of gross investments since its inception) to develop and steer Quercus’s business in response to the evolution of the energy sector.
Since creation of Quercus Real Assets Limited a decade ago, our strategies have been founded on the belief that creation of the long-term environmental and social capital underpins and strengthens investors’ and shareholders’ returns. We are committed to developing business opportunities and supporting responsible investments for sustainable income and capital returns while contributing to a carbon-neutral future.
About BayWa r.e. AG (BayWa r.e.):
At BayWa r.e. we r.e. think energy – how it is produced, stored and can be best used to enable the global renewable energy transition that is essential to the future of our planet.
We are a leading global developer, service supplier, distributor and solutions provider and have brought over 4 GW of energy online and manage over 10 GW of assets. We are also an Independent Power Producer with an expanding energy trading business.
BayWa r.e. works with businesses worldwide to provide tailored renewable solutions. Operating 100% carbon neutral, we are also committed to our own sustainability journey.
Every day, we are working hard to actively shape the future of energy in a diverse, equitable and inclusive workplace.
Our shareholders are BayWa AG, a €17.2 billion global business, and Energy Infrastructure Partners, a leader in energy infrastructure investment.