Quercus to market 700-MW-plus PV portfolio in Spain to BayWa r.e.

• Luxembourg-based investment firm Quercus has picked Germany's BayWa r.e. to be its calculated financier in a portfolio of PV projects in Spain with a combined capacity of over 700 MW, the events announced in a joint statement on Thursday.

The companies already authorized a contract under which the German renewables programmer will acquire the projects once they reach the ready-to-build stage, they claimed.

Quercus is creating the portfolio, consisting of 11 solar projects and claimed to be one of the largest in Spain.

The offer wraps up the worldwide search for a critical capitalist, which Quercus' backer, Quercus Real Assets Limited, launched in July 2021. At the time, the package included some 800 MW of projects.

The brand-new portfolio will add to BayWa r.e.'s pile in Spain, where the programmer installed 378 MWp of renewable energy capacity. BayWa r.e. has a further 200 MWp of projects awaiting commissioning in the very first quarter of 2022, and also over 1.5 GW intended to come down the pipeline by 2025, according to Thursday's press release.

Financial investment bank Greenhill & Co (NYSE: GHL) suggested Quercus in the purchase.