Quercus Real Assets Limited, a renewable energy specialist focused on energy transition investments, has raised €33 million (~$33.5 million) for its maiden PV development portfolio.

The company intends to use the new capital to develop greenfield photovoltaic assets in Southern Europe, primarily focusing on Spain and Italy.

The company is targeting a development portfolio of approximately 1.5 GW, twice the size of its last development portfolio (approaching 800 MW), which was sold to investors in January 2022. The first assets are expected to reach the ready-to-build stage in Q2 2023, at which stage Quercus will once again explore its strategic options in the market.

Diego Biasi, the Chairman of Quercus, said: “We are delighted to close our first development bond at its target capital raise, representing a new asset class dedicated to a specific set of investors. Our chosen geographies of Spain and Italy build on the successful exit of our first Spanish development portfolio and is consistent with the new development strategy pursued by the Group. Our interest will, in due course, extend to other Southern European Countries and sectors within the Energy Transition.”

ENCAVIS, an independent power producer, recently secured €47.7 million (~$48.4 million) from Dutch Rabobank to refinance a 74 MW solar portfolio in the Netherlands. All systems have been operational since 2021 and benefit from the Dutch remuneration system SDE+, which provides for a fixed feed-in tariff for around 15 years.

According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, announced large-scale project funding in Q2 2022 came to $6.9 billion, a 24% decrease compared to $9 billion in Q1 2022.

Capital Energy, a Spanish energy company, recently raised financing of €165 million (~$167 million) for 206 MW solar and wind projects from MEAG, an asset manager of Munich Re and ERGO. Capital Energy plans to allocate new project finance to five renewable facilities, comprising four wind farms, one of which is operational, and one solar project.