Return to search

Quercus exits 90MW Italian solar vehicle

The renewables asset manager has recorded an IRR of over 9% for the company it invested €8m in six years ago as it targets €500m from its three other funds by December 2018.

London-based investment manager Quercus Assets Selection has sold its 10 percent stake in ForVEI, a joint venture company investing in solar assets in Italy.

The firm held the stake through Luxco 2, a multi-shareholder vehicle also backed by Foresight Group and Dubai-based Adenium Capital which bought Quercus' stake. Luxco 2 owns 24 percent of ForVEI, with an additional 24 percent held by France’s CDC Infrastructure. Italian investment company VEI Capital owns 52 percent of the vehicle.

Quercus declined to comment on the size of the deal.

The firm paid €8 million for its stake in 2011 and said it has generated an IRR above 9 percent from its exit. ForVEI has a 90MW solar portfolio, for which it secured a €180 million debt refinancing package last year.

Quercus’ sale of its ForVEI share comes about a month after it reached a €150 million first close on three Italian and European renewable energy funds. The firm is aiming to raise €150 million each for its Italian Solar and Italian Wind funds while it is chasing €200 million for its European Renewables vehicle. Quercus also recently opened an office in Abu Dhabi.