European Investment Fund commits US$ 56m to Everwood Capital's prepare for 1GW of solar projects

• The European Investment Fund (EIF) has actually shut a commitment to spend EUR50 million (US$ 56.4 million) in the fifth renewables fund established by investment firm Everwood Capital that will develop, construct and also run a portfolio of new renewable projects, mainly solar PV.

Handled by Madrid-based Everwood Capital as well as committed to purchasing renewable properties in southerly Europe, Everwood Fund V is still under fundraising and also is anticipated to accomplish last close in 2022.

The Fund has already shut the acquisition of a 1GW portfolio in Spain consisting of around 20 projects, which are presently under development and anticipated to be fully functional by 2024.

It is just one of the first Spanish funds to classify under the EU's Article 9 of the Sustainable Finance Disclosure Regulation (SFDR), the greatest category under its brand-new directive. This recommends that "the investments under Everwood Fund V will certainly add to decreasing CO2 emissions as well as will certainly be lined up to EU Taxonomy."

"The EIF's investment commitment to Everwood Fund V is fully straightened with the European Investment Bank Group Climate Bank Roadmap's goals and also the EU Taxonomy classification, contributing to accomplishing the objective of 45% decrease of CO2 discharges by 2035 embed in at COP26," the EIF said.

It aims to reach EUR500 million in close commitments by 2022, with the EIF's close bringing it to EUR250 million.

In June, Everwood Capital and also the Seville-based Prodiel Group incorporated to develop DVP Solar, a 50-50 joint-venture (JV) concentrated on developing large-scale global solar projects, with gigawatts at different phases of development.

The JV has projects in Spain, France, Germany, Italy, Colombia and also Peru. It is currently taking care of 5GW, with a more 2GW in advancement. It wishes to add 3GW to its portfolio in the following couple of years.