New UK solar developer Queequeg Renewables has secured full equity funding for the first 500MW of its solar pipeline through a joint venture with private equity investment firm Energy Transition Partners (ETP).
The first grid-secured tranche of projects totalling 200MW is expected to enter planning shortly, with the remainder to follow in 2022.
The two companies have formed a strategic partnership to co-develop and market ready-to-build ground-mounted solar projects across the UK.
Queequeg has a pipeline in excess of 1GW.
The ETP-QQR Energy venture will fully fund a portfolio of up to 500MW of solar schemes in England, Scotland and Wales.
In November, London-based Queequeg Renewables announced it had established a 10-strong team and was developing a 1.3GW subsidy-free solar pipeline ranging in size from 10MW to 50MW.
This deal underpins the business plan and will enable the developer to continue its growth.
ETP is a private equity business established in October specifically to invest in utility-scale renewable energy projects worldwide.
The ETP-QQR portfolio forms the bedrock of its first fund, ETP UK Solar Fund 1, aimed solely at UK solar schemes.
Rodolfo Bigolin (pictured), managing partner of ETP, said: “Queequeg Renewables has a very strong track record, whilst the UK solar market offers a clear regulatory environment and a commitment towards increased renewable generation.
“This gives us great confidence in our strategic partnership and our ability to deliver a solar portfolio with good investor returns.”
Daniele Stiglitz, managing director of Queequeg Renewables, added: “For each scheme, we aim to develop strong and genuine relationships with the communities in which we operate, so that local people are able to share in the benefits of the drive to a net zero world.”
Each solar project is being designed with single-axis tracker technology and bifacial crystalline modules to optimise land use and reduce their footprint.
Storage systems will be implemented alongside the solar projects to combine renewable generation with flexible output, providing stability and frequency response to the grid.