Andbank España launches new solar fund

Andbank España, the Spanish arm of Andorra-based financial service provider Andbank, has launched Everwood Fotovoltaica III, its third solar fund for the financing of PV projects.

The company said the that minimum investments in the fund must exceed €250,000 and that it initially hopes to raise up to €20 million ($22.3 million). The fund will be managed by Everwood Capital SGEIC SA, a management Company mainly focused on investments in small and medium enterprises.

The fund Everwood Fotovoltaica III will invest in existing PV plants and solar projects under development. According to Andbank, the fund will grant an annual return of 12% within two or three years. This is the third solar fund launched by the company after the Everwood Fotovoltaica I and Everwood Fotovoltaica II.

Andbank added that Everwood Capital will also launch another renewable energy fund for institutional investors in Spain that is expected to raise up to €100 million.

The bank launched launched Everwood as Spain’s first collective investment undertaking in February 2016. Andbank said the new company, which at the time was named South Capital Fotovoltaica, had a share capital of €15 million and that it aimed at investing in at least four solar projects.