Queequeg Renewables has secured funding for the first 500MW of its GW-plus solar pipeline through a partnership with Energy Transition Partners (ETP).
The London-based developer announced its strategic partnership with private equity investment firm ETP today (November 23, 2021), which aims 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 up to 500MW of solar schemes in England, Scotland and Wales.
In November, Queequeg Renewables announced it had established a ten-strong team and was developing a 1.3GW subsidy-free solar pipeline ranging in size from 10 to 50MW. The first grid-secured tranche of projects totalling 200MW is expected to enter planning shortly, with the remainder to follow in 2022.
Each solar project is being designed with single-axis tracker technology and bifacial crystalline modules to optimise land use and reduce their footprint. Storage systems will be implemented alongside the solar projects to combine renewable generation with flexible output, providing stability and frequency response to the grid.
Established in October, Energy Transition Partners IM Sarl aims to support 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. Milan-based consulting firm Finergy S.r.l acted as advisor in the transaction.
“Queequeg Renewables has a very strong track record, whilst the UK solar market offers a clear regulatory environment and a commitment towards increased renewable generation,” said ETP managing partner Rodolfo Bigolin.
Queequeg Renewables is led by company founders Gabriella Palla and Daniele Stiglitz, each bringing almost two decades of development experience in Italy where they have delivered wind, solar and biomass projects with a range of partners.
Managing director Stiglitz said the partnership enables the company to press ahead with development plans with the first projects about to enter public consultations in the coming weeks.
“For each scheme, we aim to develop strong and genuine relationships with the communities in which we operate, so that local people are able to share in the benefits of the drive to a net zero world,” Stiglitz said.