The ETP-QQR Energy Ltd venture will fully fund a portfolio of 500 MW of solar schemes in England, Scotland and Wales
Queequeg Renewables has secured full equity funding for the first 500MW of its GW-plus solar pipeline through a joint venture with private equity investment firm Energy Transition Partners (ETP).
The two companies have formed a strategic partnership to co-develop and market ready-to-build ground-mounted solar projects across the UK.
The ETP-QQR Energy Ltd venture will fully fund a portfolio of 500 MW of solar schemes in England, Scotland and Wales. The first grid-secured tranche of projects totalling 200 MW is expected to enter planning shortly, with the remainder to follow in 2022.
In November, London-based Queequeg Renewables announced it had established a ten-strong team and was developing a 1.3 GW subsidy-free solar pipeline ranging in size from 10 to 50 MW. This deal underpins their business plan and will enable the firm to continue its ambitious growth.
Energy Transition Partners IM Sarl is a private equity business established in October specifically to invest in utility-scale renewable energy projects worldwide. The ETP-QQR portfolio forms the bedrock of its first fund, ETP UK Solar Fund 1, aimed solely at UK solar schemes.
Commenting on the deal Rodolfo Bigolin, Managing Partner of Energy Transition Partners, said:
“Queequeg Renewables has a very strong track record, whilst the UK solar market offers a clear regulatory environment and a commitment towards increased renewable generation. This gives us great confidence in our strategic partnership and our ability to deliver a solar portfolio with good investor returns”.
Queequeg Renewables is led by company founders Gabriella Palla and Daniele Stiglitz, each of whom brings almost two decades of development experience in Italy, where they have delivered significant wind, solar and biomass projects with a range of partners.
Daniele Stiglitz, Managing Director of Queequeg Renewables, added:
“This partnership enables us to press ahead with our development plans with the first projects about to enter public consultations in the coming weeks. For each scheme, we aim to develop strong and genuine relationships with the communities in which we operate, so that local people are able to share in the benefits of the drive to a net zero world”.
Each solar project is being designed with single-axis tracker technology and bifacial crystalline modules to optimise land use and reduce their footprint. Storage systems will be implemented alongside the solar projects to combine renewable generation with flexible output, providing stability and frequency response to the grid.
Source: Company Press Release