EIF closes commitment to invest in over 1-GW heavy renewables fund in Spain

The European Investment Fund (EIF), part of the European Investment Bank Group (EIB), said on Monday it had closed a commitment to invest EUR 50 million (USD 56.6m) in the fifth renewables fund set up by Madrid-based investment manager Everwood Capital.

The Everwood Fund V will invest in the development, construction and operation of a portfolio of new renewable energy projects, focusing mainly on solar PV, EIF said.

According to Everwood Capital, its fund V is only interested in investing in subsidy-free and regulatory risk-free projects in the Iberian Peninsula and Italy.

Everwood Fund V has closed the acquisition of a 1-GW portfolio in Spain, taking with it around 20 projects in development that are due to start operation by 2024, said EIF without giving other details about the transaction.

EIF could be referring to Everwood Capital’s agreement struck a year ago to buy just over 1 GW of solar PV projects from Spanish renewables infrastructure builder Prodiel SL. The fifth fund was established in late 2020 with the aim to finance this portfolio.

The Fund V later went on to form a joint venture with Prodiel to develop large-scale solar projects in Europe and Latin America.

Everwood Fund V has a target to reach EUR 500 million in closed commitments in 2022. With EIF’s commitment, it has reached about EUR 250 million, the financial institution added.

(EUR 1.0 = USD 1.131)

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