Queequeg Renewables (QQR), a solar project developer, secured equity funding for a 500 MW solar project portfolio across the UK through a joint venture with Energy Transition Partners (ETP), a private equity investment firm.
The two companies form a strategic partnership to co-develop the ready-to-build ground-mounted solar projects.
The ETP-QQR Energy Ltd venture will fully fund the portfolio in England, Scotland, and Wales. The first tranche of the projects totaling 200 MW is expected to enter the planning stage while remaining in late 2022. Milan-based consulting firm Finergy served as an advisor in the transaction.
“This partnership enables us to press ahead with our development plans with the first projects about to enter public consultations in the coming weeks. For each scheme, we aim to develop strong and genuine relationships with the communities in which we operate so that local people are able to share in the benefits of the drive to a net-zero world,” said Daniele Stiglitz, Managing Director of Queequeg Renewables.
“Queequeg Renewables has a very strong track record, whilst the UK solar market offers a clear regulatory environment and a commitment towards increased renewable generation. This gives us great confidence in our strategic partnership and our ability to deliver a solar portfolio with good investor returns,” commented Rodolfo Bigolin, Managing Partner of Energy Transition Partners.
Each solar project is designed with single-axis tracker technology and bifacial crystalline modules to optimize land use and reduce their footprint. Storage systems will be implemented alongside the solar projects to combine renewable generation with flexible output, providing stability and frequency response to the grid.
According to Mercom’s 9M and Q3 2021 Solar Funding and M&A Report, total corporate funding (including venture capital funding, public market, and debt financing) increased 190% in 9M 2021, with $22.8 billion in 112 deals compared to $7.9 billion in 72 deals in 9M 2020. Financing activity was up across the board, including venture capital, debt, and public market financing.
