European Energy and Quercus Assets Selection have signed a sales and purchase agreement (SPA) for the 39MW Bosco Le Piane Wind Farm.
The Bosco Le Piane is located in the Basilicata region in southern Italy. The project consists of 13 Siemens Gamesa Renewable Energy wind turbines and is expected to be completed in September 2018. Construction of the wind farm is in progress, and currently the Bosco Le Piane project is the biggest wind farm under construction in Italy.
Knud Erik Andersen, founder and CEO of European Energy A/S, said:
“We have had a constructive dialogue with Quercus and we have come to appreciate their professionalism and focus on driving the process forward. It is the first time Quercus has acquired one of our projects, I hope that finalization of the acquisition will be the start of a long term relationship to the benefit of both parties.”
Pietro Zerauschek, Quercus Country Manager for Italian Market:
“The business model of European Energy well fit the risk return profile offered to our investors and their international experience as developer ensures the highest standard of quality. Wind is an important asset class for our infrastructure funds and we will pursue our growth also with the support of European Energy in Italy and other strategic European markets.”
The acquisition is expected to be finalized before the end of Q1.
About Quercus Assets Selection:
Founded in 2010 by Diego Biasi, the current CEO, and Simone Borla, Quercus Assets Selection is one of the foremost European funds specialising in renewable energy. From foundation to present, the fund has managed five different technology and investment policy strategies: from construction to M&A activity. It has to its credit a Joint Venture with the UK government in the English biomass sector and with Swiss Life in the Italian photovoltaic market for large-scale facilities.
About European Energy:
European Energy constructs wind and solar farms as well as large-scale green energy storage and have constructed more than 1 GW.