Inactive Instrument

UBI Banca S.p.A.

UBI

IT0003487029

UBI Banca : UK-based Quercus sells 320MW of solar, wind assets to Italy's Green Arrow

October 29, 2019 at 08:43 am EDT

MILAN (Reuters) - British-based renewable energy investor Quercus has sold 320 megawatts of wind and solar power assets to Italian private equity Green Arrow Capital (GAC) for an undisclosed amount.

The five funds sold to GAC, wrapped into Quercus Assets Selection, manage operations in Italy, Britain, Spain, Romania and Bulgaria, the two companies said on Tuesday.

After the deal, GAC will become Italy's top independent green energy infrastructure asset manager with some 400 MW of capacity under management and one of Europe's top 10 players.

According to a source close to the matter, the total value of the assets in the Quercus Assets Selection platform is more than 700 million euros (£605 million).

GAC was advised by UBI Banca while Quercus was assisted by law firm Fieldfisher.

(Reporting by Stephen Jewkes; editing by Jason Neely)

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UBI Banca S.p.A. is one of the European leading banking groups. The group's activitiy is organized primarily around 4 areas: - business banking (IW Bank Spa); - specialized financial services: leasing (UBI Leasing Spa), factoring (UBI Factor Spa) and consumer loans (Prestitalia Spa); - asset management; - bank insurance: bank life insurance (Aviva Vita Spa and Lombarda Vita Spa) and non-life bank insurance (BancAssurance Popolari Spa). At the end of 2019, UBI Banca managed EUR72.6 billion in current deposits and EUR89.9 billion in current loans. Products and services are marketed through a network of 1,588 branches, of which 1,575 located in Italy.

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IT0003487029

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UBI Banca : UK-based Quercus sells 320MW of solar, wind assets to Italy's Green Arrow

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