Everwood Capital, a Spanish manager, has announced the purchase of a portfolio comprising three photovoltaic projects, each with a capacity of 50 MW, in the municipality of Carmona, located in Seville, Spain. The acquisition also includes their evacuation infrastructure. These projects are in an advanced state of development, having obtained building permits from the municipal authority and commenced earthworks. Everwood anticipates commencing construction in the coming weeks after concluding the EPC bidding process.
The acquisition was made through Everwood’s Fund V, dedicated to managing renewable projects in southern Europe. The fund aims to increase its project portfolio by a total of 500 MW during 2024, actively seeking projects in advanced stages of development in the region.
Additionally, Everwood has commenced construction of photovoltaic projects totaling 50 MW and 74 MW in Alcalá de Guadaira and Mérida, respectively. Construction contracts have been secured with Lantania for the Alcalá de Guadaira project and Grupo Ortiz for the Mérida projects. Financing arrangements are in place, with Triodos Bank providing financing for the Alcalá de Guadaira project and advanced financing expected to be finalized for the Mérida projects in the coming weeks.
Currently, Everwood has a portfolio of projects with Administrative Construction Authorization totaling close to 1 GW of power, progressing rapidly with EPC awarding and financing arrangements. Construction is expected to commence around the middle of the year.
Everwood Capital, established in 2015, manages a portfolio of approximately 4 GW of projects under construction or development across Spain, Italy, France, and Germany. The company’s Fund V holds a 100% stake in DVP Solar, a company originally created with Prodiel, focused on project development in Italy, France, and Germany. Everwood’s photovoltaic portfolio currently stands at around 2 GW of mature projects, with divestment planned for late 2024 or early 2025.
In previous transactions, Everwood successfully completed the construction and commissioning of two 50 MW photovoltaic projects in Zaragoza and Cádiz, subsequently selling them to Falck Renewables and Commerz Real, respectively.
The European Investment Fund (EIF) and Axis, the venture capital subsidiary of Grupo ICO, have made significant investments in Everwood’s Fund V in recent years, highlighting confidence in the company’s growth trajectory.
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