The European Investment Fund (EIF) has closed a commitment to invest €50 million (US$56.4 million) in the fifth renewables fund set up by investment firm Everwood Capital that will develop, construct and operate a portfolio of new renewable projects, primarily solar PV.
Managed by Madrid-based Everwood Capital and committed to investing in renewable assets in southern Europe, Everwood Fund V is still under fundraising and is expected to achieve final close in 2022.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
The Fund has already closed the acquisition of a 1GW portfolio in Spain comprising around 20 projects, which are currently under development and expected to be fully operational by 2024.
It is one of the first Spanish funds to classify under the EU’s Article 9 of the Sustainable Finance Disclosure Regulation (SFDR), the highest classification under its new directive. This suggests that “the investments under Everwood Fund V will contribute to reducing CO2 emissions and will be aligned to EU Taxonomy.”
“The EIF’s investment commitment to Everwood Fund V is fully aligned with the European Investment Bank Group Climate Bank Roadmap’s objectives and the EU Taxonomy classification, contributing to achieving the goal of 45% reduction of CO2 emissions by 2035 set in at COP26,” the EIF said.
It aims to reach €500 million in close commitments by 2022, with the EIF’s close bringing it to €250 million.
In June, Everwood Capital and the Seville-based Prodiel Group combined to create DVP Solar, a 50-50 joint-venture (JV) focused on developing large-scale international solar projects, with gigawatts at various stages of development.
The JV has projects in Spain, France, Germany, Italy, Colombia and Peru. It is currently managing 5GW, with a further 2GW in development. It hopes to add 3GW to its portfolio in the next few years.
