The fund manager starts an international tender to select a strategic investor for the construction of the assets.

London, 16 July 2021. Quercus Real Assets Limited (Quercus) has started an international tender managed by Greenhill, the leading independent investment bank focused on providing financial advice globally on significant mergers and acquisitions, who are very active in the energy and infrastructure sector. The process aims at selecting a strategic investor for the construction and operation of the 800 MW Spanish PV portfolio that Quercus has acquired and developed since 2020. The portfolio is currently one of the largest in the European renewables market.

Bidders are likely to be among the major industrial and financial investors in the sectors, who are often the most interested parties in large portfolios, particularly in the Spanish market, one of the most active solar markets in Europe.

Quercus, since inception, invested in the construction and operation of solar and wind infrastructures, successfully completing more than €1 billion in gross investments in five European countries in just one decade. Following the first ten year chapter, in 2019 the investment manager stirred its strategy to adjust to the eve revolving renewables market and undertook investment in the permitting process which would lead to the construction of new renewable energy assets. This new strategy lead to the decision to dispose of the portfolios, all generating positive performance and in aggregate a return for investors higher than 8% at the date of the sale. This not only demonstrated the ability of the manager to navigate through the challenges of the many regulatory changes in Europe but also confirmed its commitment to deliver a successful result to international

investors, who continue to welcome and support the new strategy.