Quercus signs agreement with BayWa r.e.

The portfolio is comprised of 11 PV development projects in Spain with installed capacity of over 700 MW, representing one of the largest portfolios available in the Spanish market of late.

The transaction, signed at the beginning of January, involves BayWa r.e. acquiring the projects when those are delivered by Quercus at a ready-to-build stage. In Spain, BayWa r.e. has been present since 2010 where it already has a track record of 378 MWp of renewable energy capacity installed, 200 MWp expected to be commissioned by the first quarter of 2022, and a pipeline of over 1.5 GW planned for delivery by 2025.

Greenhill, a leading independent investment bank with a strong track record in the Spanish renewable energy market, has acted for Quercus as its exclusive financial advisor for marketing and execution of the transaction.

Diego Biasi, Director of Quercus in Luxembourg, said: "All parties involved in this complex deal have done an outstanding job and Quercus is proud to have achieved this collective result. The deal re-iterates the increasingly indispensable industrial component in the sector and we at Quercus are developing our business by further aligning ourselves in this regard."

Rafael Esteban, Managing Director of BayWa r.e. Projects España S.L.U., commented: "We are delighted to have reached this agreement with Quercus for the acquisition of this pipeline. These projects add to our well-established pipeline of solar and wind projects in Spain. The agreement marks another important step in BayWa r.e.'s contribution and commitment to driving the green energy transition in the country."