Gunvor Group, a leading global energy commodities trading company, and Quercus Real Assets Limited, a London-based renewable energy specialist, have announced a landmark partnership to develop up to 3 gigawatts (GW) of solar photovoltaic (PV) capacity in Italy.
Strategic Solar Energy Investment
Under the partnership, Quercus will leverage its expertise in renewable project development, from permitting to “ready to build” status, while Gunvor will finance, manage, and optimize the assets through power purchasing agreements (PPAs). The solar sites will be strategically located across Italy, offering Gunvor the option to acquire and enter into PPAs with the assets.
Supporting Italy’s Solar Energy Market
“Gunvor’s first material investment in the solar space aligns with Nyera’s commitment to the Energy Transition and our ambition to build a renewable power portfolio,” said Fredrik Törnqvist, Managing Director of Nyera, Gunvor’s renewables investment vehicle.
Italy’s solar energy market is one of the most advanced in Europe, supported by a well-developed regulatory framework and recent legislative changes that integrate solar infrastructure with agriculture.
“Given the essential role of agriculture in the Italian economy, it is crucial to align solar investments with agricultural preservation for long-term sustainability,” stated Diego Biasi, co-founder and CEO of Quercus. “We are pleased to collaborate with Gunvor, sharing our values and advancing our successful investment initiatives.”
Expanding Renewable Energy Portfolio
Aldo Della Valle, Gunvor’s Head of Power & Natural Gas Trading, added: “This landmark solar venture complements Gunvor’s recent acquisition intentions, including bp’s Spanish power plant. It is another step in our strategy to build a European portfolio of conventional flexibility and renewable power positions to enhance our power and gas trading activities.”
About Quercus Real Assets
Quercus Real Assets Limited focuses on energy transition investments with offices in London and Dubai. Founded by Diego Biasi and Simone Borla, Quercus has successfully completed over €1 billion in gross investments and over 40 deals. Quercus is committed to developing business opportunities that support responsible investments for sustainable income and capital returns, contributing to a carbon-neutral future.
About Gunvor Group and Nyera
Gunvor is one of the world’s largest independent commodities trading houses, creating logistics solutions that efficiently move physical energy globally. Gunvor has strategic investments in industrial infrastructure, complementing its core trading activity and generating sustainable value. In 2023, Gunvor generated $127 billion in revenue on 177 million MT of volumes.
Nyera, a subsidiary of Gunvor Group, focuses on Energy Transition investments, including solar, biofuel, biogas, green hydrogen, renewable natural gas, and zero-emission maritime transportation. Nyera’s trading and investment activities aim to ensure a sustainable long-term model.
This partnership marks a significant development in Italy’s solar energy market, highlighting the growing trend of green energy policies and investments. By combining their strengths, Gunvor and Quercus are poised to make substantial contributions to the solar energy market and broader renewable energy landscape.
Source：prnewswire.com
