Spain gets the Quintas touch
A wealth management firm, based in Cork, is involved in a €40m renewable energy project in Spain which, it is estimated, will yield investors a minimum 11% return per year.
The project is being run by Quintas Wealth Management, part of the Quintas Group, one of the leading financial services and wealth management companies in the country.
The firm completed in excess of €100m worth of project investments in 2006.
The investment arrangements for the solar energy scheme are being organised by the firm’s Spanish subsidiary, Quintas Energy, in conjunction with Ernst & Young and Banco Santander.
The project involves the production and sale of electricity from company-owned solar farms.
The project not only matched the long-term stability of property but outperformed it significantly in terms of yield, according to Declan O’Halloran, managing director of Quintas Energy.
He said investors had the potential of turning a €200,000 net equity contribution into a total income return of €1.9m over 35 years.
Investment in this sector was tailormade for Ireland’s asset-rich investment market’s need to diversify into safe but high-performing income generators, said Mr O’Halloran.
The Spanish government created a solid legal and financial basis for this sector in order to meet its EU and Kyoto Protocol obligations. Spain’s impressive economic growth over the past ten years gave rise to the capacity and need for energy diversification.
Advances in technology made solar energy profitable in Spain, according to Mr O’Halloran.
Quintas is based at Heron House, Blackpool, Cork.
