Gunvor Group, a major global player in energy commodities trading, has joined forces with Quercus Real Assets Limited, a London-based specialist in renewable energy investments, to embark on a groundbreaking solar development project in Italy. This partnership aims to develop up to 3 gigawatts (GW) of solar photovoltaic (PV) capacity.

In this collaboration, Quercus will utilize its extensive experience in developing renewable energy projects, taking them from the permitting stage to being ready for construction. Gunvor, on the other hand, will focus on providing the necessary funding, managing the assets, and optimizing them through power purchasing agreements (PPAs). The solar sites will be strategically placed throughout Italy, with Gunvor having the option to acquire and engage in PPAs with these assets.

Fredrik Törnqvist, Managing Director of Nyera, Gunvor’s renewables investment arm, mentioned that this initiative marks Gunvor’s significant entry into the solar sector and aligns with Nyera’s commitment to the Energy Transition, aiming to build a robust renewable power portfolio.

Italian solar market: one of the most advanced

The Italian solar market is recognized as one of the most advanced in Europe, benefiting from a well-structured regulatory environment and recent legislative changes that support the integration of solar energy with agricultural activities.

Diego Biasi, co-founder and CEO of Quercus, emphasized the importance of aligning solar investments with agricultural preservation, given the critical role of agriculture in Italy’s economy, to ensure long-term sustainability. He expressed satisfaction in partnering with Gunvor, a company that shares their values and commitment to successful renewable investments.

Aldo Della Valle, Gunvor’s Head of Power & Natural Gas Trading, noted that this solar initiative complements Gunvor’s recent decision to acquire BP’s Spanish power plant, further advancing their strategy to develop a diverse portfolio of conventional and renewable energy assets in Europe, enhancing their power and gas trading operations.

This agreement is pending regulatory approval and other customary closing conditions.