The Spanish fund manager Everwood Capital (“Everwood”) has announced today the sale of DVP Solar Worldwide (“DVP”) to Glentra Capital (“Glentra”), a Copenhagen-based fund manager dedicated to the renewable energy space.
DVP is a renewable energy company that specializes in the development of utility-scale solar PV and BESS projects. Everwood was one of the initial investors of the company and, since January 2022, owner of 100% of its capital. DVP has successfully established a diversified pan-European platform totaling over 2 GW of projects, with main focus in Italy, France and Germany, as well as some projects both in Spain and Latin America. DVP's team of 75 professionals, led by its CEO Eduardo Criado, has a proven track record of achieving the company's goals and will keep pursuing DVP's growth potential across various markets and products under Glentra´s ownership.
The sale of DVP constitutes the first divestment of Everwood’s Fund V portfolio since its final close in November 2022 at €500 million. Previously, Everwood, through its Fund IV, had successfully completed the divestment of two photovoltaic projects in operation in Zaragoza and Cádiz, achieving attractive returns for their investors. The first project was sold to Falck Renewables, an Italian listed group later acquired by a fund managed by JPMorgan, while the second was transferred to Commerz Real, a German investor specialized in real estate assets and infrastructure.
As commented by Alfredo Fernández Agras, founding partner of Everwood, “Following our previous experience in our Fund IV in Spain, we identified, together with DVP’s team, the opportunity to invest in the project development space in Europe back in 2020 and have managed to create a platform with a strong team and a very attractive footprint of projects in some of the key renewable energy markets in Europe. This successful first exit of Fund V is a strong confirmation of the Fund’s value add investment strategy.”
Through its Fund V, Everwood remains committed to acquiring renewable projects in advanced stage of development in Southern Europe, with the goal to increase its project portfolio in Fund V by an additional 350 MW of fully permitted projects during this year 2024. Moreover, Everwood continues to achieve significant milestones regarding its current renewable portfolio, both in Fund IV and Fund V. This year, Everwood has started construction of several solar projects with a total capacity of 50 MW and 74 MW in Alcalá de Guadaira and Mérida, respectively.
Currently, Everwood has a portfolio of projects of c.1 GW of capacity that have Administrative Construction Authorization (Autorización Administrativa de Construcción). The process of securing EPC and financing for these projects is advancing and construction is expected to begin during 2024.
José Antonio Urquizu, founding partner of Everwood, declared “DVP’s successful exit is a testament to Everwood’s focus in identifying and executing on value creation opportunities in the renewable energy space in Europe across the cycle. 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.”
Everwood, alongside Beka Credit, is raising a new debt fund (Alameda Energy Fund) to finance small and medium size renewable projects in Spain targeting €300 million. Two leading institutional investors have committed over €270 million with the remainder being raised from Everwood, Beka and additional investors in the near future.
In addition to its renewable energy activity, Everwood has a fund specialized in the Transport and Logistics sector, which is currently being commercialized to family offices and private banking investors by Andbank with a target size of €200 million. This fund has already completed the acquisitions of Partida Logistics and Transaez in the port logistics services and controlled temperature transportation subsectors, respectively. The Transport and Logistics Fund has an advanced pipeline of investment opportunities, some of them expected to materialize in the coming weeks
About Everwood Capital
Everwood Capital is an Alternative Investment Fund Manager regulated by the CNMV established in 2015 that manages several investment vehicles with a strong expertise in renewable energies, as well as transport & logistics. Everwood Capital brings a solid and committed team to all the projects in which it participates, with a proven successful track record. Its professionals have executed transactions worth over €100Bn in various sectors and investment fields. It currently has c. €900M in assets under management.
For more information, visit www.everwoodcapital.com or contact info@everwoodcapital.com.
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