The partnership aims to develop up to 3GW
of solar capacity and marks Gunvor's expansion into the
solar sector alongside renewable energy specialist Quercus
LONDON, July 1, 2024
/PRNewswire/ -- Gunvor Group ("Gunvor"), a leading global energy
commodities trading company, together with Quercus Real Assets
Limited ("Quercus"), the London-based renewable specialist focused on
international investments within the Energy Transition, proudly
announce a landmark solar development partnership that targets the
development of up to 3 gigawatts (GW) of solar photovoltaic (PV)
capacity in Italy.
Under the terms of the deal, Quercus will draw on its
established track record of developing renewable projects—from
permitting to "ready to build" status—and combine that with
Gunvor's ability to fund, manage, and optimize assets through power
purchasing agreements ("PPAs"). The solar sites will be
strategically located across all regions in Italy, granting Gunvor the option to acquire
and enter into PPAs with the assets.
"Gunvor's first material investment in the solar space fully
aligns with Nyera's commitment to the Energy Transition and our
ambition to build up a renewable power portfolio." said
Fredrik Törnqvist, Managing Director of Nyera, Gunvor's
renewables investment vehicle.
The Italian solar market is among the most advanced in
Europe, thanks to a well-developed
regulatory framework and recent legislative changes that support
the integration of solar infrastructure with agriculture.
"Given the essential role of agriculture in the Italian
economy, it is crucial to align solar investments with agricultural
preservation to ensure long-term sustainability,"
said Diego Biasi, co-founder
and CEO of Quercus. "At Quercus, we have consistently
invested in renewables to enhance our surroundings. I am pleased to
collaborate with a prominent partner like Gunvor, sharing our
values and advancing our successful investment
initiatives."
Aldo Della Valle, Gunvor's
Head of Power & Natural Gas Trading, added: "This
landmark solar venture will further complement Gunvor's recently
announced intention to acquire bp's Spanish powerplant and is
another step in our strategy of building up a portfolio in
Europe composed of conventional
flexibility and renewable power positions to enhance our power and
gas trading activities."
The deal remains subject to regulatory approval and other
customary closing conditions.
Note to Editors
About Quercus Real Assets
Quercus Real Assets
Limited is a renewable energy specialist focused on energy
transition investments, with offices in London and Dubai.
Diego Biasi and Simone Borla founded Quercus by establishing a
Luxembourg-based fund which
successfully completed over €1bn in gross investments from
inception in five different successful strategies. In January 2020, Diego
Biasi started to steer Quercus's business in response to the
evolution of the energy sector into a more diversified strategic
investment approach. Quercus has successfully completed over 40
deals up to date.
Since 2010 the strategy of the company has been founded on the
belief that the creation of long-term environmental and social
capital underpins and strengthens investors' and shareholders'
returns. Quercus is committed to developing business opportunities
and supporting responsible investments for sustainable income and
capital returns while contributing to a carbon-neutral future.
For further information, please visit
www.quercusrealassets.com
About Gunvor Group
Gunvor is one of the
world's largest independent commodities trading houses by turnover,
creating logistics solutions that safely and efficiently move
physical energy from where it is sourced and stored to where it is
demanded most. Gunvor has strategic investments in industrial
infrastructure — refineries, pipelines, storage and terminals —
that complement our core trading activity and generate sustainable
value across the global supply chain for our customers. The
company, which in 2023 generated US $127
billion in revenue on 177 million MT of volumes. For more
information, visit GunvorGroup.com.
About Nyera
Nyera, a wholly-owned subsidiary
of Gunvor Group, is dedicated to identifying Energy Transition
investments, including new sustainable commodities and businesses.
Nyera's trading and investment activities are performed on a
commercial basis, and the company is deliberate in entering areas
of opportunity that will ensure a sustainable long-term model.
Current areas of investment include solar, biofuel, biogas, green
hydrogen, renewable natural gas, and zero-emission maritime
transportation, among other renewables-focused projects. For more
information, visit Nyera.com.
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