Everwood Capital agreed today the sale of its 50MW photovoltaic plant Desafío Solar, located in the municipality of Escatrón in the Aragon region, to Falck Renewables SpA, an Italian listed company and a global player in the field of renewable energies.
The terms of the sale represent for Fund IV a capital gain (net of expenses and tax impact) of 51 per cent and an annual return (IRR) of 26 per cent. Everwood has been advised in the sale process by PWC acting as M&A advisor and Araoz & Rueda acting as legal adviser.
José Antonio Urquizu, founding partner of Everwood Capital, says: “The successful sale of Desafío Solar is the best testimony to the value creation potential existing in bringing an empty plot of land to a fully operational and connected utility scale PV plant.”
Alfredo Fernández Agras, founding partner of Everwood Capital, says: “We are convinced based on the track record of previous funds, our in-depth knowledge and experience in the PV sector and our highly skilled team that our Funds IV and V will replicate the success achieved in our previous funds.”
Everwood Capital started fundraising its Fund V towards the end of 2020 with a target of EUR500 million having already closed commitments for cEUR100 million.
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