Gunvor and Quercus announce partnership to develop 3 GW of solar PV in Italy
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Gunvor Group, a prominent energy commodities trading company, has announced a partnership with Quercus Real Assets Limited, a specialist in international renewable investments focused on the Energy Transition sector.
Through the collaboration, they aim to develop a substantial solar project in Italy, intending to add nearly 3 gigawatts (GW) of solar photovoltaic (PV) capacity to the country’s energy landscape.
Under the partnership terms, Quercus will spearhead the project’s development, overseeing the acquisition of permits necessary to achieve “ready to build” status.
The company’s expertise in developing renewable projects will be paired with Gunvor’s “ability to fund, manage, and optimize assets through power purchase agreements (PPAs)”.
Also read: Qualitas Energy inks long-term VPPA with Salesforce
According to Gunvor’s release, the sites under the agreement will be strategically situated across Italy, which allows Gunvor to acquire and enter into PPAs with the assets.
Diego Biasi, co-founder and CEO of Quercus, said, “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,”
“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.”
The two companies also highlighted the benefits of the Italian solar market, which has a well-developed regulatory framework and recent legislative transformations that boost the integration of solar generation with agriculture.
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