BayWa r.e. has been selected as a strategic investor for one of the largest PV portfolios available in the Spanish market.
BayWa r.e., a global leader in the development, distribution and supply of renewable energy services and solutions, has been selected, through an international bidding process, as a strategic investor for the acquisition of a photovoltaic development portfolio promoted by Quercus, an investor specialized in renewable energy.
The portfolio consists of 10 PV development projects in Spain, with an installed capacity of more than 700 MW. This amount represents one of the largest portfolios available in the Spanish market to date.
The transaction, signed in early January, involves the acquisition by BayWa r.e. of the projects, which will be delivered by Quercus ready for construction. In Spain, BayWa r.e. has been present since 2010, where it already has 378 MW of installed renewable energy capacity, 200 MW to be commissioned during the first quarter of 2022 and a strong project pipeline of more than 1.5 GW to be delivered by 2025.
Greenhill, a leading investment bank with a strong track record in the Spanish renewable market, has acted as exclusive financial advisor to Quercus for the marketing and execution of the transaction.
Diego Biasi, Quercus Director in Luxembourg, said: "All parties involved in this complex operation have done an extraordinary job and Quercus is proud of the result achieved thanks to everyone's efforts. The agreement reiterates the industrial component, which is increasingly indispensable in the sector, and Quercus is aligning the development of our business in this direction".
Rafael Esteban, Managing Director, BayWa r.e. Projects España S.L.U., comments: "We are pleased to have reached an agreement with Quercus for the acquisition of this portfolio. These projects add to our already established portfolio of solar and wind power projects in Spain.Furthermore, this agreement is another important step in BayWa r.e.'s contribution and commitment to furthering the green transition in our country".
