Prodiel, Everwood set up joint venture

From pv magazine Spain

Spanish EPC contractor Prodiel and Spain-based renewable investment asset manager Everwood Capital, have announced the creation of DVP Solar, a joint venture that will specialize in the development of large scale photovoltaic projects.

In a statement to pv magazine, a spokesperson from Prodiel explained that the new entity will be 50% owned by both companies. “The joint venture will provide a comprehensive response … throughout the value chain, to the international growth of photovoltaic solar energy, with [a] special focus on the main European markets and selected Latin American markets,” the spokesperson added.

DVP Solar has projects in Spain, France, Germany, Italy, Colombia and Peru, and is currently managing 5 GW of operational solar plants. Furthermore, it has another 2 GW of projects in the initial development phase and expects to develop another 3 GW for the next few years.

“DVP Solar will be backed, on the one hand, by the trajectory and knowledge of the sector provided by a company such as Grupo Prodiel, which provides DVP Solar with its development team and, on the other side, by the financial capacity and the experience in investments and management of assets that Everwood Capital offers,” said the joint venture's president, Ángel Haro.

Currently, the company is made up of more than 70 professionals, all with proven experience in renewable energies and whose executive management depends on Eduardo Criado, CEO of DVP Solar. “We have a solid commitment to make DVP Solar a leading company in the international promotion of photovoltaic projects,” said Alfredo Fernández, a founding partner of Everwood Capital.

This is not the first alliance between the two companies. In November, Everwood Capital bought 1,098 MW from Prodiel. The projects accounted for most of the investment in Everwood's new Fund V, dedicated to the construction of merchant photovoltaic projects in southern Europe, especially in the Iberian peninsula and Italy. The agreement entailed the purchase of 870 MW in the community of Madrid, and 228 MW in Seville and Badajoz, and contemplated a right to purchase another 500 MW from Prodiel.