Quintas exceeds €40m target for solar energy investment fund

THE solar energy fund set up by Cork-based Quintas Wealth Management has raised more than its €40 million target from 300 Irish investors to fund projects in the Spanish energy sector.

The fund, which is being operated by Quintas Energy, is set to give a minimum 11% return over 35 years to investors.

This wraps up phase one of their Spanish solar energy project which was launched last year.

The company now has 10 megawatts of installed power either in production or about to go into production.

“We are pleased with the success of this project to date, director of Quintas Energy, Noel Creedon said. We set out to raise €40m and that’s what we achieved.

“The fund will remain open for another four to six weeks in order to process remaining applications. A final cut off date for investment in this phase is likely to be mid-September.”

The project is backed by the Spanish government and is available for investment privately or through pension plans. The minimum investment is €50,000.

Mr Creedon said the interest from investors in the project has been phenomenal and surpassed all expectations.

“While we are coming to the end of the current phase of the project, Quintas Energy is already working on new and exciting investment opportunities in the solar sector, this includes a further 20 megawatt Spanish development project for 2009,” he added.

Quintas Energy is based in Seville in southern Spain.