Asset management firm Everwood Capital, after the success achieved in the sale of its Funds I, II and III, with annual net returns to investors (IRR) between 17,8% and 33,1% and close to completing the investment of its Fund IV, set up its new Fund V with a similar strategy.
Everwood Fund V will focus on merchant projects – without regulatory risk nor subsidies – in the Iberian Peninsula and Italy and will invest in building a diversified portfolio of photovoltaic plants.
Everwood has secured an agreement towards the investment of such Fund V. Subject to due diligence, Fund V will acquire from Prodiel up to 1,098 MWs of turnkey projects at attractive returns and expected COD in 2023. Most projects connect to the Madrid Region, which makes them attractive due to the proximity to a large electric consumption centre. The rest are in the high solar radiation areas of Seville and Badajoz. Additionally, Everwood has the right to purchase from Prodiel additional projects amounting to 500 MWs.
Jointly with Prodiel, Everwood though its Fund V, will also co-develop new projects in Europe with a focus on Italy. Everwood will have a preferential acquisition right over such newly developed projects.
Everwood V has a maximum target size (hard cap) of €500 million, a term of 7 years and expected returns for investors of over 12% net IRR.
Alfredo Fernández Agras, founding partner of Everwood Capital, highlights “after having reached the target size for Fund IV of €307.5 million and commitments to new-built projects for c.1,000 MW, we set up our new Fund V. The new Fund, after the agreement reached with Prodiel, will offer investors from the start direct access to renewable assets at the right moment in the sector. We are convinced that the developer unit will provide competitive access to new projects at attractive returns in the target European markets.
José Antonio Urquizu, also founding partner at Everwood Capital stated “this agreement for Everwood’s Fund V offers access to real economy assets in a very attractive sector, led by a proven management team with an outstanding realized track record in previous funds. All following a strategy which pursues responsible investments by supporting green energy and fighting climate change”.
Once the transaction is closed, Everwood’s team will lead the key tasks in each of the stages of the value chain of each project including, project development, construction, financing, PPAs and GOOs structuring, production, opex and tax optimisation.
Everwood, as in its previous funds, will place Fund V among Spanish and International institutional investors and private banking clients of Andbank and Santander Private Banking.
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