[vc_row][vc_column][vc_column_text]Genoa-based Erg, a renewable energy producer with 2800 MW across Europe and Quercus Assets Selection, a European fund focused on investments in renewable sources with over Euro 350 million of assets under management, have signed an agreement for the creation of a NewCo, ERG Q Solar1.
The joint venture will be based in Genoa under the joint ownership of Erg (60%) and the Quercus Assets Selection Sarl (40%), with the objective of consolidating the Italian photovoltaic market. The NewCo’s incorporation is expected to take place before 30 September 2018.
The purpose of the ERG Q Solar1, which will operate only within Italy, is the acquisition of small solar plants with less than 1 MW of installed capacity, targeting up to 150 MW by the end of 2021.
Overall investments are envisaged during the next three years for a maximum amount of 350 million Euro
Both partners will have the option to dissolve the company in the case of failure to achieve minimum progressive objectives in terms of megawatts acquired
Quercus is also present in Italy through the joint company Azienda Solare Italiana (former Antin Solar) with Swiss insurance Group Swisslife. Established in 2011, the joint venture has built-up a portfolio of solar plants totalling 103 MW.[/vc_column_text][/vc_column][/vc_row]