The fund manager Everwood Capital has signed an agreement with the renewable group Prodiel for the purchase of a portfolio of PV projects for 1,098 MW. The operation will account for most of the investment in its new Fund V, the firm reported.
The execution of the operation is subject to ‘due diligence’ (legal audit), for the purchase of these ‘turnkey’ projects at “attractive” returns and which are expected to start operating in 2023.
Specifically, the operation involves the purchase from Prodiel, of projects for 870 MW that connect in the Community of Madrid, and 228 MW in Seville and Badajoz. Additionally, Everwood has a right to purchase another 500 MW. Prodiel is an Andalusian renewable energy group chaired by Ángel Haro, one of its main shareholders and who is also president of Real Betis Balompié.
Additionally, together with Prodiel, the firm, through its ‘Fund V’, will develop projects in Europe, especially in Italy, over which it will have a preferential acquisition right. The expected duration of ‘Fund V’ is 7 years with a net target IRR for the investor of more than 12% per year and a maximum size of 500 million euros.
Alfredo Fernández Agras, founding partner of Everwood Capital, pointed out that after having reached the investment objective of the ‘Fund IV’ with 307.5 million euros and close to 1,000 MW committed in photovoltaic projects of new construction, this new fund has been incorporated. «Right from the start and thanks to the agreement with Prodiel, it offers direct access to renewable assets at the time of greater visibility of the renewable industry in the future.»
Once the investment is completed, Everwood Capital management team will oversee the active management of the entire value chain of each of the projects – development, construction, financing, coverage of market prices through ‘PPAs’, optimization of income and sale of guarantees of origin, opex, taxes, etc … -.
Its sale in 2026
The firm plans to sell the portfolio of assets once they are in operation in 2026, being the natural buyers either industrial companies (electricity and oil or gas companies) or large financial entities (infrastructure funds, insurance companies or pension funds).
Everwood, as in the previous Funds, will offer this Fund V to the private banking of Andbank España and Santander Private Banking and Spanish and foreign institutional investors