Quercus acquires UK solar project from Good Energy

Quercus Asset Selection, a Luxembourg-based company, announced that it has acquired a 27.7MW solar photovoltaic project from Good Energy.

The project, which is already under construction, is expected to commence operations by March 2014.

With an investment of about £30m, the project will be built in Pembrokeshire, Wales and will form part of Quercus Renewable Energy Fund II, which is managed by Quercus Assets Selection.

By the end of 2014, the company plans to build and operate a portfolio of around 20 photovoltaic plants in England and Wales, with an expected investment value of about £350m.

Quercus Asset Selection founding partner Simone Borla said the company acquired the project, with an aim to build the plant by the end of March 2014 and be eligible for the current incentive scheme in force.

"We are delighted to have concluded this transaction with a high standing counterpart such as Good Energy, with whom we hope to continue to work on other projects in the near future," Borla added.

Recently, the company also acquired a 14MW project in Cornwall and a pipeline for 254MW.

The company noted that Quercus Renewable Energy Fund II focuses on implementing an investment policy dedicated to the construction and operation of renewable energy assets to achieve good yields and long-term stable cash flows.