Swiss Life Asset Managers is buying an Italian solar energy firm in a partnership with Quercus Assets Selection.
The institutional investor bought Antin Solar Investments (ASI), which operates as Azienda Solare Italiana, in the 50/50 Quercus Swiss Life Italian Solar venture.
The deal increases the European presence of Swiss Life’s first managed fund, while diversifying its renewable portfolio in Canada and wind farms in the US and the UK.
Chris Manser, head of infrastructure investments at Swiss Life Asset Managers, said ASI provided a platform to capture consolidation opportunity in the Italian photovoltaic market.
“Given Swiss Life Asset Managers’ strategy of minority investments, we are very happy to have found in Quercus a like-minded partner to share this deal on a 50/50 basis,” Manser said.
ASI holds nine plants with a total installed capacity of 77.1 megawatts.
The portfolio is spread across Lazio, Sicily and Puglia.
London-based Quercus’s total European portfolio now exceeds 266 MW.