Hartree Forms Solar JV in Europe That Could Draw $1 Billion

(Bloomberg) -- Hartree Partners has formed a joint partnership to develop solar projects across the U.K. and continental Europe that could attract 1 billion euros ($1.2 billion) of outside investment.

The venture, with AGP Sustainable Real Assets and NaGa Solar Holding BV, has a pipeline of 4 gigawatts of solar projects at various stages of development, the companies said in a statement. The projects could be part of a surge of new renewables capacity as the EU needs to double green power production in the coming years to hit its climate goals.

Directors of the new company -- known as AMPYR Solar Europe -- are currently working on a strategy of how and when to raise outside capital to progress the solar projects, said Andrew Gould, partner at AGP.

There are about 200 megawatts of projects ready to build and another 400 megawatts that could be ready soon after that, Gould said. The full pipeline is split between the U.K., Germany and the Netherlands.

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