Quercus Announces the €150 Million First Close of its New Renewable Energy Infrastructure Funds
Quercus Assets Selection, which specialises in renewable infrastructure investments announces that it has reached its first close of €150 million, led by its Co-Founder and CEO, Diego Biasi.
The three new funds are targeting an annual dividend yield of 6%, distributed semi-annually and an IRR above 11%. Quercus is looking to raise a combined €500 million across the three funds by December 2018, which will place Quercus among the top three renewable energy infrastructure funds in Europe. The funds’ next closing is expected to take place during the first half of 2017.
Quercus launched the three funds early in 2016 as part of a unique project to combine three separate renewable energy funds to provide choice and flexibility. The funds are a €150 million Italian Wind fund, a €150 million Italian Solar fund and a €200 million European MultiTech fund.
Diego Biasi, Co-Founder and CEO of Quercus: “2016 is proving to be another big year for Quercus. We will double AUM, as we have annually since inception, despite increasing global market volatility. We are aiming to be one of the largest European investors in renewable energy within five years, which we will do by collaborating with the top financial and industrial partners across Europe.”
Vito Gamberale, Chairman of Quercus: “Our goal is to acquire existing facilities that have a minimum of three years’ consolidated activity behind them, ensuring that our plants reach productivity targets. This aspect, along with defined rates attributed to each facility, translates into returns that match high yield bonds while also benefitting from investment grade assets whose returns are uncorrelated with market volatility.”