MILAN (Reuters) – British-based renewable energy investor Quercus has sold 320 megawatts of wind and solar power assets to Italian private equity Green Arrow Capital (GAC) for an undisclosed amount.
The five funds sold to GAC, wrapped into Quercus Assets Selection, manage operations in Italy, Britain, Spain, Romania and Bulgaria, the two companies said on Tuesday.
After the deal, GAC will become Italy’s top independent green energy infrastructure asset manager with some 400 MW of capacity under management and one of Europe’s top 10 players.
According to a source close to the matter, the total value of the assets in the Quercus Assets Selection platform is more than 700 million euros (£605 million).
GAC was advised by UBI Banca <UBI.MI> while Quercus was assisted by law firm Fieldfisher.
(Reporting by Stephen Jewkes; editing by Jason Neely)