BUSINESS & FINANCE
BUSINESS & FINANCE
Quercus Announces the € 150 Million First Close of its New Renewable Energy Infrastructure Funds
Hindustan Zinc enters solar energy biz , to invest Rs 630 cr
Quercus Assets Selection , which specialises in renewable infrastructure investments announces that it has reached its first close of € 150 million , led by its Co-Founder and CEO , Diego Biasi .
T he three new funds are targeting an annual dividend yield of 6 %, distributed semi-annually and an IRR above 11 %. Quercus is looking to raise a combined € 500 million across the three funds by December 2018 , which will place Quercus among the top three renewable energy infrastructure funds in Europe . The funds ’ next closing is expected to take place during the first half of 2017 .
Quercus launched the three funds early in 2016 as part of a unique project to combine three separate renewable energy funds to provide choice and flexibility . The funds are a € 150 million Italian Wind fund , a € 150 million Italian Solar fund and a € 200 million European MultiTech fund .
“ 2016 is proving to be another big year for Quercus . We will double AUM , as we have annually since inception , despite increasing global market volatility . We are aiming to be one of the largest European investors in renewable energy within five years , which we will do by collaborating with the top financial and industrial partners across Europe .”
Diego Biasi , Co-Founder and CEO of Quercus
“ Our goal is to acquire existing facilities that have a minimum of three years ’ consolidated activity behind them , ensuring that our plants reach productivity targets . This aspect , along with defined rates attributed to each facility , translates into returns that match high yield bonds while also benefitting from investment grade assets whose returns are uncorrelated with market volatility .”
Vito Gamberale , Chairman of Quercus
Hindustan Zinc Ltd ( HZL ) recently said it is foraying into solar energy business and will set up 115 MW of solar energy projects with an investment of Rs 630 crore .
T he company led by billionaire Anil Agarwal already produces 474 MW of thermal power and 274 MW of wind energy . “ Hindustan Zinc has been working progressively towards setting up 115 MW of solar energy projects with an investment of Rs 630 crore ,” HZL CEO Sunil Duggal told PTI . He said that in the first phase , the company will set-up 15 MW solar energy projects which would require an investment of Rs 80 crore and are likely to be commissioned by March 2017 . The second phase would be of 100 MW requiring an investment of Rs 550 crore , which is likely to be commissioned by September 2017 . The average cost of setting up 1 MW of solar energy plant is about Rs 5.50 crore , Duggal said .
“ The energy produced will be utilised for captive use only . Out of 15 MW , 10 MW solar power projects will be installed at Zinc Smelter Debari and remaining 5 MW will be installed at Rajpura Dariba Mine of Hindustan Zinc ,” he added . The 5 MW solar power project at Rajpura Dariba Mine would be the first such project in the district of Rajsamand in Rajasthan . The 10 MW project would also be the largest solar energy project in the district of Udaipur , Duggal noted . The company also produces 274 MW of wind power in its green energy farms located in Gujarat , Karnataka , Rajasthan , Tamil Nadu and Maharashtra . Hindustan Zinc has already installed solar roof top projects with a capacity of 100 KW each at head office-Udaipur and Chanderiya Lead Zinc Smelter in January 2016 . It is also looking to develop solar energy projects in other parts of Rajasthan .
Source : businesswire Source : PTI
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EQ December 2016 www . EQMagPro . com