Gunvor Group and Quercus partner to advance solar energy in Italy
Gunvor Group, a leader in global energy commodities trading, in collaboration with Quercus Real Assets Limited, a London-based renewable specialist, has unveiled a groundbreaking partnership aimed at developing up to 3 gigawatts (GW) of solar photovoltaic (PV) capacity across Italy. This initiative marks a significant commitment by both entities to accelerate the Energy Transition by leveraging each other’s strengths in project development and energy management.
Under the agreement, Quercus will utilize its proven expertise in advancing renewable projects from the permitting stage to “ready to build” status. This partnership will enable Gunvor to enhance its asset management capabilities through strategic power purchasing agreements (PPAs). The envisioned solar sites will span various regions of Italy, offering Gunvor the opportunity to potentially acquire and manage these assets.
The Italian solar market is recognized as one of the most advanced in Europe, largely due to its comprehensive regulatory framework and recent legislative advancements that facilitate the coexistence of solar infrastructure with agricultural practices. This alignment ensures the long-term sustainability of both sectors, crucial for Italy’s economy.
Fredrik Törnqvist, Managing Director of Nyera—Gunvor’s renewables investment vehicle—emphasized that this venture aligns seamlessly with Nyera’s ambitions to cultivate a robust renewable power portfolio. Meanwhile, Diego Biasi, co-founder and CEO of Quercus, noted the importance of integrating solar investments with agricultural preservation, aligning with their commitment to enhancing surroundings through renewables.
Aldo Della Valle, Gunvor’s Head of Power & Natural Gas Trading, highlighted that this solar venture is part of a broader strategy to balance conventional energy flexibility with renewable power in Europe, thereby boosting their power and gas trading operations.
The deal is pending regulatory approval and customary closing conditions. This partnership not only underscores Gunvor and Quercus’s dedication to fostering sustainable energy solutions but also positions them as key players in the global shift towards green energy.
The strategic initiative by Gunvor Group and Quercus to invest in large-scale solar development in Italy represents a pivotal move in global energy markets. It reflects a growing trend where traditional energy companies diversify into renewables, acknowledging the crucial role of sustainable energy sources in future energy mixes.