London-based renewables investor Quercus Real Assets Ltd has joined forces with Swiss energy commodities trading company Gunvor Group to work on a solar project portfolio that will add up to 3 GW of power generation capacity in Italy.
The development partnership will be focused on photovoltaic (PV) sites strategically located across all regions of Italy, the duo said on Monday. Under the deal, which is pending regulatory clearance, Gunvor will have the option to acquire the projects or contract their output by signing power purchase agreements (PPAs).
The two companies will bet on Quercus’ experience in the development of renewable energy projects from permitting to the shovel-ready stage, as well as on Gunvor's ability to fund, manage, and optimise assets through PPAs. For the latter, the collaboration will be an expansion into the solar energy field.
The partners also highlighted the advantages of the Italian solar market, pointing out its well-developed regulatory framework and recent legislative changes that support the integration of solar generation with agriculture.
"Given the essential role of agriculture in the Italian economy, it is crucial to align solar investments with agricultural preservation to ensure long-term sustainability," said Diego Biasi, co-founder and CEO of Quercus.
