Quercus Real Assets Ltd, a London-based renewables investor, has entered into a strategic partnership with Gunvor Group, a Swiss energy commodities trading company, to develop a substantial solar project portfolio in Italy. The alliance aims to bolster Italy's renewable energy capacity with up to 3 gigawatts (GW) of photovoltaic (PV) power generation.
Announced on Monday, the partnership will focus on strategically locating PV sites across various regions of Italy. Pending regulatory approval, Gunvor will have the option to acquire the projects or secure their output through power purchase agreements (PPAs).
According to Quercus and Gunvor, the collaboration leverages Quercus' expertise in renewable energy project development, spanning from permitting to shovel-ready stages, alongside Gunvor's capabilities in funding, asset management, and optimization through PPAs. This initiative marks Gunvor's expansion into the solar energy sector, highlighting its commitment to diversifying its energy portfolio.
Diego Biasi, co-founder and CEO of Quercus, underscored the alignment of solar investments with agricultural preservation in Italy, stating, “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.”
The partnership underscores the attractiveness of the Italian solar market, characterized by a robust regulatory framework and recent legislative enhancements supporting the integration of solar generation with agricultural practices. This collaboration aims to accelerate Italy's transition towards renewable energy while fostering sustainable economic growth across the country.
The joint effort between Quercus Real Assets and Gunvor Group reflects a strategic alignment towards advancing solar energy deployment and driving sustainable development in Italy's energy sector.
