Spanish builder Prodiel agrees sale of 1 GW-plus of solar projects at home

Spanish renewables infrastructure builder Prodiel SL has reached an agreement to sell 1,098 MW of solar photovoltaic (PV) projects located on home turf to Madrid-based investment manager Everwood Capital.

The portfolio is valued at around EUR 750 million (USD 889.8m) and includes 870 MW of projects with grid connection in the Madrid region and 228 MW in Seville and Badajoz provinces, according to news reports confirmed by Prodiel and Everwood on their social media channels.

The solar farms are expected to commence operation in 2023.

The agreement is subject to due diligence. Everwood has also secured the right to purchase additional 500 MW of projects from Prodiel.

The parties have also agreed to jointly develop new projects in Europe, with a special focus on Italy, giving Everwood a preferential right of acquisition, according to media reports in Spain.

Everwood Capital has set up its fifth fund through which it will finance the new PV projects.

(EUR 1.0 = USD 1.186)

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