Latest Greenfield Solar News
Jul 8, 2021
Submitted Q-Energy and VEI Green II have joined forces within the Italian renewable greenfield sector with the goal of developing, building and operating a portfolio of Solar PV assets in Italy. The co-investment platform (named VEI Greenfield), originally launched by VEI Green II in 2019 and of which Q-Energy acquired 50 per cent, has developed a pipeline of projects for 150MW (of which the first 30MW will be connected to the grid within year end) and aims at covering the full value creation cycle from the development and the authorisation process to the construction and operation, with the goal of financing the portfolio once built. The JV partners have committed EUR60 million to the platform with the goal of doubling such commitments within the next two years. VEI Greenfield envisages the creation of a pool of unsubsidised solar PV installations with a capacity ranging from five to 10 MW, that shall be equipped with best-in-class components as well as located in selected areas benefitting from interesting electricity price dynamics; a first 5,5MW project is under construction, a 10MW authorisation have been just filed for the upcoming GSE auction and approximately 20 MW are scheduled to start works by September 2021, with the target of reaching 30MW connected to the grid by the end of 2021. The combination of local and international expertise in the sector will ensure an unparalleled delivery capability to the platform in a very competitive environment that urges for new built installations to match Italian de-carbonisation objectives. Iñigo Olaguibel, CEO of Q-Energy, says: "the partnership with VEI is for Q-Energy a great opportunity to expand our international footprint into Italy, one of the most attractive markets for development of PV projects in Europe, and is fully aligned with our commitment to the energy transition as a fundamental pillar to ensure a sustainable future for our society." Enrico Orsenigo, CEO of VEI Green II, says: “The partnership with Q-Energy gives success to our effort in developing a new co-investment paradigm capable of facilitating international investors to approach the Italian market by joining financial resources and matching sector expertise with local financial, technical and legal knowledge.” On Q-Energy’s side the transaction has been executed by Oscar Pérez, Partner and CBD of Q-Energy and Adrián Cabrejas, Investment Principal at Q-Energy. On VEI Green II side legal aspects of the transaction have been followed by the general counsel of VEI Green II, Giuseppe Pizzuto, together with the Legal Counsel Lorenza Basilavecchia, the Technical Director Massimiliano Donati and Investment Manager Michele Vedovati have worked on all technical and operational issues while financial aspects have been structured by Investment Manager Fabio Valtancoli with Senior Analyst Andrea Palin. VEI Green II and Q-Energy were respectively assisted by L&B and Gianni & Origoni as legal advisors.