Spain-based fund manager Everwood Capital has sold DVP Solar Worldwide to Glentra Capital, a Danish fund specializing in renewable energies. DVP Solar, acquired by Everwood in January 2022, is a company dedicated to the development of solar photovoltaic projects and energy storage systems (BESS). Since its acquisition, DVP Solar has established a diversified platform in Europe, with over 2 GW of projects, mainly in Italy, France, Germany, Spain and Latin America. This transaction marks the first disposal of Everwood’s Fund V portfolio, which closes in November 2022 with 500 million euros. Everwood has previously sold two photovoltaic projects via its Fund IV, achieving attractive returns. The Zaragoza and Cadiz projects were sold to Falck Renewables and Commerz Real respectively.
Continuous Development Strategy
Alfredo Fernández Agras, Everwood’s founding partner, commented that this sale confirms the company’s value creation strategy. Everwood continues to acquire projects at an advanced stage of development in Southern Europe. By 2024, the aim is to add 350 MW of projects to the Fund V portfolio. In addition, Everwood has launched the construction of solar projects totalling 124 MW in Alcalá de Guadaira and Mérida. Everwood currently manages around 1 GW of projects with Autorisation Administrative de Construction. The securing of EPC contracts and financing is progressing, with construction scheduled to start in 2024. José Antonio Urquizu, co-founder of Everwood, emphasized that the DVP exit demonstrates the company’s ability to create value in the renewable energy sector.
Financing Opportunities and Diversification
Everwood sees opportunities in debt. With Beka Credit, Everwood raises a new debt fund, the Alameda Energy Fund, to finance renewable projects in Spain. The fund is targeting 300 million euros, with over 270 million already committed by two institutional investors. In addition to renewable energies, Everwood has launched a fund in the transport and logistics sector, targeting 200 million euros. This fund has already acquired Partida Logistics and Transaez, in port logistics services and temperature-controlled transport. Everwood Capital, founded in 2015 and regulated by the CNMV, manages several investment vehicles with expertise in renewable energies and logistics. With around 900 million euros in assets under management, Everwood continues to demonstrate the success of its projects.
