Spain's Prodiel, Everwood form solar-focused JV for intl projects

Spanish renewables EPC specialist Prodiel SL has partnered with Madrid-based investment manager Everwood Capital to form a solar PV-focused joint venture (JV) DVP Solar.

The new entity will target the development of large-scale PV projects in “leading European” and “selected Latin American markets”, the companies said in a joint statement. The ownership of DVP Solar is split 50/50 between Prodiel and Everwood Capital, through its Fund V.

According to the partners, DVP Solar has projects in Spain, France, Germany, Italy, Colombia and Peru and is currently managing 5 GW of grid-connected solar power. A further 2 GW of projects are in initial stages of development, with the JV expecting to develop additional 3 GW in the next few years.

“DVP Solar is backed, on the one hand, by the track record and sector knowledge contributed by an entity such as the Prodiel Group, which provides DVP Solar with its development team, and, on the other hand, by the financial capacity and experience in investments and asset management offered by Everwood Capital,” said DVP Solar chairman Angel Haro, who also helms Prodiel.

Everwood has already secured over EUR 100 million (USD 121.4m) in commitments for its Fund V and is currently raising more capital. The fifth fund got its start in late 2020 to finance some 1.1 GW of solar projects acquired from Prodiel at the time.

(EUR 1.0 = USD 1.214)

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