Everwood Capital launches €300 million fund for unsubsidized solar in Spain

Unlike its three previous funds, which focused on plants in operation, the Spanish asset manager will raise €300 million for the construction of plants without subsidies.

Up to 900 MW of "grid-parity" PV projects could be built through the fund.

Image: Flickr/Shaun Stanworth

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Spanish renewable investment asset manager, Everwood Capital has launched a fourth fund for investing in Spanish solar PV plants.

The company told pv magazine it has already raised €60 million; however, it plans to raise an additional €240 million in the next 12 months.

This solar fund is different from the previous three it launched over the past few years, in that Everwood will not buy already operational plants, but will rather focus on the construction of subsidy-free PV parks. It has been calculated that up to 900 MW of “grid-parity” PV projects could be built through the fund.

The first Everwood fund, announced in January 2016, managed to raise €15 million, while the second, in December of the same year, attracted €30 million. A third fund, launched in June 2017, added another €110 million.

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Andbank is in charge of marketing the new fund, as it did with the previous three. 

According to Spanish solar association, UNEF, Spain had around 24 GW of large-scale PV projects under review in mid-March. Although the first unsubsidized projects are expected to come online in early 2019, the development of big solar plants keeps moving forward, thanks to an increasing number of approved projects, and PPAs secured by developers and investors.

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