Everwood Acquires 150 MW of RTB Photovoltaic Assets in Spain

This is a portfolio of three photovoltaic projects of 50 MW each, together with their evacuation infrastructure, in the municipality of Carmona (Seville).

The Spanish manager Everwood Capital has announced  the purchase of a portfolio of three photovoltaic projects of 50 MW each, along with their evacuation infrastructure, in the municipality of Carmona (Seville). All three are in a very advanced state of development: Everwood explains that they have already obtained a building permit from the corresponding municipal authority and have begun earthworks, which will allow their construction to progress in the coming weeks, after conclude the EPC bidding process. 

Everwood's Fund V, from which the acquisition has been made, is intended for the management of renewable projects in southern Europe, and has the objective of increasing its project portfolio by a total of 500 MW during this year 2024, for which “it continues to actively seek projects in a state of advanced development in southern Europe for acquisition and construction throughout 2024,” it explains in a statement.

During this year, Everwood has begun construction of a series of photovoltaic projects totaling 50 MW and 74 MW located in Alcalá de Guadaira and Mérida, respectively. In the case of the Alcalá de Guadaira project, the construction has been contracted with Lantania and the financing has been signed with Triodos Bank and, in the case of the Mérida projects, the construction has been contracted with Grupo Ortiz and the financing is advanced and it is expected to sign in the coming weeks.

Currently, Everwood has a portfolio of projects with Administrative Construction Authorization of close to 1 GW of power for which progress is being made rapidly with both the awarding of the EPC and the financing and construction is expected to begin around the middle. of the year.

Previously, Everwood already successfully completed the construction and commissioning of two 50 MW photovoltaic projects located in Zaragoza and Cádiz. After operating the projects for a few years, the first was sold to Falck Renewables, a listed Italian group later acquired by a fund managed by JPMorgan , and the second to Commerz Real, a German investor specialized in real assets and infrastructure.

Everwood Capital was established in 2015 and has a portfolio of approximately 4 GW of projects under construction or development in Spain, Italy, France and Germany. In particular, it has in its Fund V a 100% stake in DVP Solar, a company originally created with Prodiel, which develops projects in Italy, France and Germany. Currently, its photovoltaic portfolio is around 2 GW of mature projects whose divestment is scheduled for late 2024 or early 2025.

In 2021, the European Investment Fund (EIF), part of the European Investment Bank (EIB) Group, closed a €50 million investment commitment in Everwood's Fund V. In 2022, Axis, the venture capital subsidiary of Grupo ICO, invested 30 million in Everwood Capital.