Green Arrow Capital (GAC) has acquired Luxembourg funds from renewable energy infrastructure manager Quercus Investment Partners.

In a joint statement, the companies said GAC is acquiring Quercus Assets Selection (QAS) which manages over 320MW of renewable assets through five separate vehicles.

Financial details were undisclosed.

The QAS funds include the Quercus Renewable Energy, Quercus Renewable Energy II, Quercus European Renewables, Quercus Italian Wind Fund and the Quercus Italian Solar Fund.

The acquisition allows GAC to establish itself among the top ten operators in Europe and the leading independent asset manager in Italy with 400MW of renewable assets under management.

For Quercus Investment Partners, the sale completes phase one of its European investment strategy, where it will return to invest in new subsidy-free (or grid-parity) assets amongst other investment products, the manager said.

Eugenio de Blasio, founder and CEO of Green Arrow Capital, said: “We are delighted with this operation that allows us to position ourselves among the largest independent pan-European operators for alternative investments, with an asset under management now approaching €2bn.”

De Blasio said in a few years, Green Arrow Capital has achieved its goals through two major acquisitions, first with Quadrivio and today with Quercus.

”We have pursued a strategy of aggressive growth in our three chosen fields, combining the unique track record and the skills of the whole team, with the desire to become the preferred partner for institutional investors in Italy and Europe.”

Diego Biasi, co-founder and CEO of Quercus Investment Partners said: “With the sale of this platform, built in the first 10 years of our activity, Quercus is about to successfully close the first chapter in its history and begin a new investment cycle in conjunction with the support of select key international strategic investors.

“The renewable energy market is continuing to evolve, and our investment policies aim to extend beyond traditional energy production, including new and attractive market segments rapidly entering the mainstream.”