United Kingdom – Through a joint venture with private equity firm Energy Transition Partners, Queequeg Renewables has secured complete equity funding for the first 500MW of its GW-plus solar pipeline.
The two firms have created a strategic agreement to collaborate on the development and marketing of ready-to-build ground-mounted solar installations across the United Kingdom.
The joint venture between ETP and QQR Energy Ltd will completely fund a portfolio of 500 MW solar projects in England, Scotland, and Wales. The first tranche of grid-secured projects totaling 200 MW is planned to commence planning shortly, followed by the remaining in 2022.
Queequeg Renewables, based in London, said in November that it had formed a ten-person team and was creating a 1.3 GW subsidy-free solar pipeline ranging in size from 10 to 50 MW. This transaction validates their business model and enables the firm to continue its aggressive growth.
Energy Transition Partners IM Sarl is a private equity firm founded in October with the express purpose of investing in utility-scale renewable energy projects throughout the world. The ETP-QQR portfolio serves as the foundation for its first fund, ETP UK Solar Fund 1, which is focused only on UK solar projects.