Italian €150 million fund launched

ITALY: Infrastructure investment fund Quercus Assets Selection has launched a wind fund to raise €150 million to invest in Italian wind assets.

Italy has 8.8GW of wind capacity installed, including Enel Green Power's 80MW Portoscuso project

The fund is one of three new renewable energy funds launched by Quercus, a UK-based fund managers. The Quercus Italian Wind fund will invest in existing project in Italy with a view of building a 300MW portfolio by 2017.

The fund will be a minimum 10-year investment with a targeted Internal Rate of Return of 9-11% a year, according to Quercus.

Italy has stable renewable energy incentives, the firm said, and renewable energy sources are given grid priority.

A total of 8.8GW of wind capacity is already installed, according to Windpower Intelligence, the research and data division of Windpower Monthly.

The country is expected to install 300-400MW of new wind capacity in 2015 as a number of projects assigned a feed-in-tariff (FIT) through the auction process in recent years finally reach the construction stage.

The Quercus Italian PV fund — to the same value, but with a return of 8-10% — was launched at the same time as the wind fund, and the Quercus European Renewables Fund was launched earlier this year.