Gunvor Group & Quercus Enter Solar Partnership

• Gunvor Group and Quercus Real Assets have joined hands to explore 3 GW solar PV capacity in Italy
• They plan to bring together their financial and project development capabilities
• Gunvor will get the option to acquire and enter into PPAs with the assets under the partnership

Switzerland-based global energy commodities trading company Gunvor Group is expanding into the solar sector in partnership with Quercus Real Assets Limited to co-develop up to 3 GW solar PV capacity in Italy.

Under the partnership, London-based renewable energy specialist Quercus will bring to the table its experience of developing solar power projects from permitting to ready-to-build (RTB) status.

Gunvor, on the other hand, will fund, manage and optimize assets through power purchase agreements (PPA).

All the sites for this solar PV capacity will be strategically located across all regions in Italy. The duo said Gunvor will have the option to acquire and enter into PPAs with the assets.

Both the companies see Italy as among the most advanced solar markets in Europe thanks to its regulatory framework. The country's legislative changes supporting solar PV integration with agriculture is another opportunity they plan to explore (see Italy Publishes Decree For Agrivoltaic Deployment).  

"Given the essential role of agriculture in the Italian economy, it is crucial to align solar investments with agricultural preservation to ensure long-term sustainability," said Co-Founder and CEO of Quercus, Diego Biasi.

Recently, Spanish renewable energy company Elawan Energy announced a JV with R.Power of Poland for 2 GW solar PV capacity in Italy (see Joint Venture For 2 GW Solar PV Capacity In Italy).