Everwood Capital Fund IV has proceeded to commission the second of its photovoltaic plants: the 50 MW Cartuja Project, located in Jerez de la Frontera, Cádiz. The facility, which is already producing, has part of its income pre-established with a PPA with the energy trading company Axpo, but another part of the production goes to the market, which has been at record levels for months and this Thursday has marked its all-time high (288 euros MWh).
In November 2020, ABEI Energy & Infrastructure began construction work on the plant. The plant has been built on 132 hectares with sigle-axis tracking and bi-facial modules, generating employment during its construction for more than 150 workers. The construction of the plant was completed last September when it has been connected to the grid and therefore started the sale of electricity in October 2021.
Liberbank is the bank in charge of financing this project, as announced by El Confidencial. On December 31, 2020, the financing was closed through a “project finance” with the entity that has merged with Unicaja, for an amount of 25 million euros. The financing was signed in market terms and with a leverage of around 60% of the total cost of the project. During the nine months of construction, 150 jobs have been created. For maintenance, three full-time people will be directly employed.
With this project, Everwood Capital tries to meet certain criteria of corporate social responsibility such as the significant reduction of the greenhouse effect. The company is negotiating the sale of the guarantees of renewable origin (GdO) generated by the project and demanded by many consumers, thus generating additional income. In addition, the project tries to mitigate the environmental impact with restoration plans in the area.
«Everwood Capital is a fund manager specialized in renewable investments, having raised the first fund in Spain for the construction of ‘merchant’ photovoltaic plants or without subsidies, the Everwood IV Fund, to which the Cartuja Project belongs. Currently, Everwood Capital is raising its Fund V, with a similar strategy, of which it has raised more than 150 million. Everwood markets its Fund V with national and foreign institutional investors, and with private banking investors, where it has the support of Andbank and Santander Private Banking», highlights the company, which for this fund has bought more than 1,000 MW of developments at the Andalusian firm Prodiel, led by the president of Real Betis Balompié.
The sale of funds I, II and III, focused on regulated PV assets, represented high profitability for Andbank’s clients.
