Quercus Assets Selection and Swiss Life Asset Managers announce the successful completion of the deal to acquire Antin Solar Investments ("ASI") in a 50:50 joint venture. ASI now operates as Azienda Solare Italiana Spa. On 18 December 2015 the joint venture, called Quercus Swiss Life Italian Solar Srl, had entered into a binding agreement with Antin Infrastructure Partners to acquire a 100% stake in ASI.
Founded in 2011, ASI has become a leading photovoltaic ("PV") investment platform in Italy. The portfolio today consists of nine plants with a total installed capacity of 77.1 MW, and is the fifth largest operator in Italy in terms of solar power generation. ASI's facilities are located in Lazio, Sicily and Puglia, which are among the regions with the highest irradiation in Europe.
This deal represents an important landmark for both firms engaged in the joint venture. Quercus' total European portfolio now exceeds 266 MW, and the combination of the Italian assets of Quercus and ASI represents the third largest photovoltaic operator in Italy in terms of installed capacity. Moreover, this deal increases the European presence of Swiss Life Asset Managers' first managed fund while diversifying its renewable portfolio currently comprised of solar assets in Canada and wind farms in the US and the UK.
Diego Biasi, co-founder and Chief Executive Officer of Quercus said: "We are very proud to have partnered with a valuable operator like Swiss Life Asset Managers on this landmark deal for Quercus. Azienda Solare Italiana is one of the best portfolios on the Italian market, and it provides a major platform from which we can capture further growth opportunities in a highly fragmented Italian market."
Chris Manser, Head of Infrastructure Investments at Swiss Life Asset Managers comments: "The acquisition of ASI is an excellent addition to our global portfolio of infrastructure assets and provides us with a platform to capture the consolidation opportunity in the Italian PV market. Given Swiss Life Asset Managers' strategy of minority investments we are very happy to have found in Quercus a likeminded partner to share this deal on a 50:50 basis."
Umberto Tamburrino, CEO of Azienda Solare Italiana, commented: "We are delighted to have two new partners who share our vision for the future of renewable energy and are very committed to making ASI one of the reference operators in the process of consolidation in the Italian market."
About Quercus
Quercus Investment Partners Limited, based in London, is regulated by the FCA in the UK and provides consultancy services to Quercus Assets Selection Sarl, general partner of the SICAV-SIF Quercus Assets Selection SCA which is regulated by the CSSF in Luxembourg.
The objective of Quercus Assets Selection is to create a balanced portfolio of assets, diversified both technologically and geographically, which seek to protect against inflation and provide a low correlation with traditional financial markets and deliver stable and predictable cash flows over a long investment period. The Quercus team has significant experience in energy infrastructure, traditional and alternative investments. Quercus also has a well-developed network of highly-regarded external partners, enabling Quercus to benefit from breadth of expertise difficult to find in a single organisation.
About Swiss Life Asset Managers
Swiss Life Asset Managers has more than 150 years of experience in asset management. As at 31 December 2015, it managed a total volume of EUR 170 billion in assets for the Swiss Life Group and external clients. Swiss Life Asset Managers has a dedicated infrastructure team of 10 investment professionals focusing on infrastructure assets across OECD countries. As its first infrastructure fund which has commitments of close to EUR 1.1 billion is almost fully invested and committed, Swiss Life Asset Managers is in the process of raising a second fund of a similar size. The current portfolio includes utility, transportation, renewable energy, water, and PPP assets in Europe and North America.
For further information please visit www.quercus-partners.com and www.swisslife-am.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20160418006493/en/
Contacts:
Quercus:
Quercus Investment Partners
Gabriele Cappelletti, +44 20 7871 4527
Associate - Sales and Marketing
gabriele.cappelletti@quercus-partners.com
or
Instinctif Partners, UK Media Enquiries
Mark Walter
George Yeomans
?el:+44 (0)20 7457 2020
Quercus@instinctif.com
or
Swiss Life Asset Managers:
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Tel: +41 43 284 77 77
media.relations@swisslife.ch
or
Investor Relations
Tel: +41 43 284 52 76
investor.relations@swisslife.ch