Univergy International, the Spanish Japanese developer that has joined forces with the Australian giant Macquarie for the development of renewable energies in Spain, has sold two photovoltaic projects to Everwood Capital, the investment fund management firm focusing on clean energy run by several formerinvestment bankers.
The two developments acquired by Everwood’s Fund IV, which is currently in the process of fundraising, are located in Alcalá de Guadaíra (Seville) and have 50 MW and 25MW of power. Industry sources estimate that these projects involve a total investment of around 55 million euros. The selling firm explains that «the sale of the two Univergy projects to Everwood Capital includes full rights to them. They are currently under development and will soon be ready for construction. They will be ready in 2021».
Ignacio Blanco, chairman and CEO of Univergy International, points out that «with the sale of these two projects to Everwood Capital, one of the most prestigious Spanish fund management firms in the renewable energy sector, Univergy consolidates its position as a photovoltaic project developer in Spain regarding the installation of solar power stations, which makes us a very competitive leading company in the domestic and European markets».
The firm made itself known this winter when it announced its partnership with Macquarie through a 50/50 joint venture called Nara Solar, which aims to develop 1,000 MW of solar energy in Spain and claims to have more than 350 MW with grid connection permits already granted. The developments focus on Palencia, where it has 250 MW, in addition to Andalusia. Outside Spain, it has investments in Japan, Holland, France and Italy. However, this sale to Everwood is outside of Nara Solar. For Everwood, this purchase is part of its investment strategy for Fund IV, which is dedicated to renewable energy and aims to raise 300 million euros. The management firm run by Alfredo Fernández Agras (ex UBS, ex Merrill Lynch and ex Morgan Stanley) already has investment commitments totalling 150 million euros, including the capital of the government fund of funds Fond-ICO, which will provide 27 million euros.
The company wants to repeat the success achieved with the first three funds it managed since 2016, the sale of which was revealed by El Confidencial on 12th September.
Everwood Capital sold these portfolios to Infravia and Eurazeo for over 150 million euros. This led to Andbank clients, the entity committed to the project and which placed this investment for its clients, obtaining returns of up to 33% per year, after managers’ success fees.Unlike Funds I, II and III, which managed renewable assets already in operation and with a state premium, Fund IV works with investment in new renewable energy projects that are more exposed to the market. It is also building projects in Zaragoza and Murcia totalling 165 MW and is tracking another 300 MW in search of opportunities. Regarding the technical part, Everwood is advised by Circle Energy, the renewable energy firm led by Antonio Carrión and other former members of Vector Cuatro. In fact, Circle Energy itself has just sold a small photovoltaic development in Valladolid to the Goodyields Capital fund.