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
14
EQ December 2016 www. EQMagPro. com