Swiss Life AM and Quercus make Italian solar deal

Solar panelsTwo asset managers, one from the UK and the other based in Switzerland, have formed a joint venture to make an investment in the solar power sector.

Quercus Assets Selection, a UK firm with a Luxembourg fund, and Swiss Life Asset Managers, which is part of the Swiss Life Group, have bought Antin Solar Investments (ASI), an Italian investment platform with solar photovoltaic assets that produce 77.1 mega watts of power.

ASI now operates as Azienda Solare Italiana Spa and its portfolio consists of nine plants, making it 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.

The deal increases the European presence of Swiss Life AM’s first managed fund, the firm says, while also diversifying its renewables portfolio which holds solar assets in Canada and wind farms in the US and the UK.

Chris Manser, head of infrastructure investments at Swiss Life AM, said the ASI acquisition provided a platform to capture the consolidation opportunity in the Italian photovoltaic market.

Quercus Assets Selection is a general partner of the Sicav-Sif Quercus Assets Selection SCA fund in Luxembourg and is advised by Quercus Investment Partners based in London.

Swiss Life AM manages around €170 billion in assets for the Swiss Life Group and external clients.

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