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Everwood Sells Solar and Storage to Glentra

Spanish fund manager Everwood Capital has closed the sale of its renewables development vehicle DVP Solar Worldwide to Denmark's Glentra Capital, both the buyer and the seller announced on Monday.

The Danish energy transition infrastructure investor acquired DVP on behalf of Glentra Fund I K/S. No financial details were given.

DVP develops utility-scale solar and battery energy storage projects in Europe and Latin America. The Seville-based vehicle has originated and developed over 2 GW of projects mainly in Italy, France and Germany, and some in Spain and Colombia, the press releases said.

According to Glentra, DVP also works on agrivoltaics.

“Thereby, the acquisition of DVP fits well with Glentra’s strategy of investing into renewable growth platforms with strong management teams and a strategic focus on delivering projects that help solve the multi-dimensional objectives of the energy transition,” DVP’s new owner stated.

DVP was initially set up as a 50/50 joint venture between Spanish EPC firm Prodiel SL and Everwood’s Fund V. Everwood had been the 100% owner of the vehicle since January 2022.

The sale of DVP represents the first divestment of Everwood’s Fund V portfolio. The Madrid-based fund manager will continue to make investments in renewables through the fifth fund, saying that its goal is to acquire additional 350 MW of fully permitted projects for this portfolio during 2024.

Everwood currently has around 1 GW of projects with construction permits in place. The firm is now working to close financing and select EPC contractors for them, aiming to start construction during the current year.

“We have proven our ability to invest successfully in PV regulated assets across Funds I, II and III and are currently making good progress in project development and merchant PV investments across Funds IV and V. For the near future, we also see an attractive opportunity in the debt space in a fund to finance the construction of fully permitted renewable projects in Spain,” commented Jose Antonio Urquizu, Everwood’s founding partner.


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