Queequeg Renewables secures financing for 500 MW
Post date: 24/11/2021 - 09:40
Queequeg Renewables Ltd. has secured full equity funding for the first 500 MW of its GW-plus solar pipeline through a joint venture with private equity investment firm Energy Transition Partners (ETP). The two companies have formed a strategic partnership to co-develop and market ready-to-build ground-mounted solar projects across the UK.
The ETP-QQR Energy Ltd venture will fully fund a portfolio of 500 MW in England, Scotland and Wales. The first grid-secured tranche of projects totalling 200 MW »is expected to enter planning shortly,« with the remainder to follow in 2022.
Earlier this month, London-based Queequeg Renewables announced it had established a ten-strong team and was developing a 1.3 GW subsidy-free solar pipeline ranging in size from 10 to 50 MW. Furthermore, the company targets to develop a 2 GWh grid-secured standalone battery scheme, comprising facilties in scale from 20 to 480 MWh.
The solar projects are being designed with single-axis trackers technology and bifacial crystalline modules. Storage systems will be implemented alongside the solar projects to combine renewable generation with flexible output, providing stability and frequency response to the grid.
Energy Transition Partners IM Sarl is a private equity business established in October specifically to invest in utility-scale renewable energy projects worldwide. The ETP-QQR portfolio forms the bedrock of its first fund, ETP UK Solar Fund 1, aimed solely at UK solar schemes. Italian consulting firm Finergy S.r.l. acted as advisor in the transaction.
Queequeg Renewables is led by company founders Gabriella Palla and Daniele Stiglitz. They have development wind, solar and biomass projects with a range of partners.