The latest news from Quercus and its specialist advisory team

Quercus forms joint venture with Foresight Group to invest in the Italian renewable energy market

Luxembourg – Quercus Assets Selection Sarl, the Luxembourg based management company of the Quercus Renewable Energy Fund, a leading investor in the Italian photovoltaic market, has entered into a joint venture agreement with UK based Foresight Group to boost its investments in the sector. Quercus acquired a 50% stake in Foresights’s Luxembourg holding Foresight Lux Co 2, a company controlling 40% of ForVEI, a company set up by a group of investors with the advice of Foresight looking to acquire interests in Italian PV plants. The remaining 60 percent comes from VEI Capital, itself a venture between Palladio Finanziaria SpA, Assicurazioni Generali SpA (G), Intesa Sanpaolo, Veneto Banca SpA and Banca Popolare di Vicenza Scrl. Immediately after the closing of the transaction between Quercus and Foresight, the ForVEI venture acquired three Italian solar plants with total capacity of 13 megawatts from Spain’s OPDE Group. The 55 million-euro ($75 million) deal is the largest lease-financing arranged by a single bank for a solar deal in Italy. Two units of Milan-based Intesa Sanpaolo SpA (ISP) will own the solar parks for 18 years while ForVEI pays a monthly lease and earns guaranteed above-market rates for the power generated. The three plants have expected returns of 12 percent to 15 percent. Italy has been the world’s most active solar market this year, connecting 6.5 gigawatts in solar photovoltaic projects, or three times more than Germany, to reach a total of 10 gigawatts, according to its renewable energy regulator, GSE. Even with the tariff cuts, Italy has one of the highest feed-in tariffs in Europe. Feed-in tariffs, or FITs, are guaranteed above-market prices paid for electricity from renewable sources. Under ForVEI’s agreement with OPDE, the venture might buy additional 20 megawatts of Italian solar farms developed by the Spanish company by the end of October. Pietro Zerauschek, partner of Foresight Group and Head of its Italian solar team said: “ We are extremely satisfied that an agreement was reached with Quercus thus allowing the venture to further increase its capacity to purchase first quality solar plants in the Italian market. Size matters and we are confident that with the help of Quercus’ first class investment team we will be able to identify and acquire additional attractive projects”. Quercus has also selected Foresight as its advisor in the acquisition and construction of Latina based8MW solar farm that was successfully connected to the grid on 31st August 2011. Diego Biasi, Founding Partner and Portfolio Manager declared: “We are excited to have entered into a joint venture agreement with Foresight to expand our portfolios of investments in Italy by accessing first quality projects offering attractive returns to our investors”. Simone Borla, Founding Partner, said that “the partnership with Foresight is a dramatic opportunity to enlarge the scope of our Private Equity investments beyond Italy to potentially include other opportunities like investments in the UK Biomass market”.

This site is operated by Quercus Investment Partners Limited (“We”) and these terms of use tell you the terms of use on which you may make use of our website (our site). Use of our site includes accessing, browsing, or registering to use our site. For the avoidance of doubt, these terms of use apply to every page on our site.

Please read these terms of use carefully before you start to use our site, as these will apply to your use of our site.

By using our site, you confirm that you accept these terms of use and that you agree to comply with them. If you do not agree to these terms of use, you must not use our site.

We may revise these terms of use at any time by amending this page. Please check this page from time to time to take notice of any changes we made, as they are binding on you.

We are registered in England and Wales under company number 09242415 and have our registered office at 11 Albemarle Street London W1S 4HH. Our VAT number is 207239032. We are authorised and regulated by the Financial Conduct Authority (no. 663344).

We are committed to ensuring that your privacy is protected in accordance with applicable laws and regulations. We will not collect information by which you can be identified whilst you are using our site. Read the Privacy Policy of Quercus for more information.

Our site uses only session cookies. Session cookies are stored only temporarily during a browsing session and are deleted from your device when the browser is closed.

We are the owner or the licensee of all intellectual property rights in our site, and in the material published on it. Those works are protected by copyright laws and treaties around the world. All such rights are reserved.

The contents of our site should not be construed as legal, tax or financial advice nor its contents be distributed, published or reproduced in whole or in part, or be relied upon as the basis for investment in any funds.

It is the responsibility of any person(s) in possession of the information contained in this site to inform themselves of, and to observe, the legal requirements also applying and any applicable taxes and exchange control regulations in the countries of their respective citizenship, residence or domicile. Whilst we have taken all reasonable steps to ensure the reliability of the information, we make no representations as to its accuracy whatsoever and offer no undertakings.

Investments can fluctuate in value and investors should be aware that they may not realise the initial amount invested and may get back less than they invested. Investors should carefully consider whether their financial circumstances permit them to invest and, if necessary, seek the advice of an independent financial adviser.

The content of our site is for general information only. Our site does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorised or would be unlawful to make such offer or solicitation or if it is unlawful without compliance with additional registration or filing requirements.

The contents of our site are not available in the United States or Canada and should not be accessed by any US person.

Nothing in these terms of use excludes or limits our liability for death or personal injury arising from our negligence, or our fraud or fraudulent misrepresentation, or any other liability that cannot be excluded or limited by English law.

To the extent permitted by law, we exclude all conditions, warranties, representations or other terms which may apply to our site or any content on it, whether express or implied.

We will not be liable to any user for any loss or damage, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, even if foreseeable, arising under or in connection with use of, or inability to use, our site or use of or reliance on any content displayed on our site. In particular, we will not be liable for loss of profits, sales, business, or revenue, business interruption, loss of anticipated savings, loss of business opportunity, goodwill or reputation; or any indirect or consequential loss or damage.

We will not be liable for any loss or damage caused by a virus, distributed denial-of-service attack, or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of our site or to your downloading of any content on it, or on any website linked to it.

These terms of use, its subject matter and its formation (and any non-contractual disputes or claims) are governed by English law. We both agree to the exclusive jurisdiction of the courts of England and Wales.

To contact us, please email
Thank you for visiting our site.