Spanish renewable energy investor Qualitas Energy has exceeded its funding target for the Q-Energy Fund V, focused on renewable energy investments across Europe, namely in Germany, the UK and Italy.
The investor increased its funding goal to €2.3bn ($2.5bn) from €1.6bn and closed its capital raise with inflows of more than €2.3bn. The Q-Energy Fund V will finance solar photovoltaic (PV), onshore wind, hydro and renewable natural gas projects, with investments assessed on a case-by-case basis without a pre-existing preference for a particular technology, Qualitas Energy told Argus.
The firm currently has 95MW of operational capacity directly associated with Fund V and an additional 3.1GW in development. Its operational assets are in Germany, Italy, the UK and Chile, while it intends to finance further projects in Poland, Spain and other OECD countries.
Qualitas Energy has 390MW of renewable assets operating in Germany, with 3GW in development, and it plans to double this pipeline. Some of this capacity falls within Fund V, but the majority does not. The firm declined to provide a development timeline for its planned portfolio, and would not confirm whether output would be sold on a merchant basis or through power purchase agreements (PPAs), but Qualitas previously told Argus that it was seeking PPA opportunities across Europe.
The company signed a PPA in February to supply power from the 494MW Mula PV plant in Spain that it owns jointly with Canadian private equity firm Northleaf Capital Partners. And it signed a similar agreement to sell output from its 113MW Milkowice PV plant in Poland in October last year.
