Spanish fund manager Everwood Capital has concluded the sale of its renewables development entity DVP Solar Worldwide to Denmark's Glentra Capital, as announced by both parties on Monday.
The acquisition was made on behalf of Glentra Fund I K/S, a vehicle focused on energy transition infrastructure investments. Financial terms of the deal were not disclosed.
DVP Solar Worldwide specializes in the development of utility-scale solar and battery energy storage projects across Europe and Latin America, including innovative agrivoltaics initiatives. The Seville-based company has successfully originated and developed over 2 GW of projects primarily in Italy, France, Germany, Spain, and Colombia.
Glentra Capital highlighted the strategic alignment of this acquisition with its investment strategy aimed at bolstering renewable growth platforms led by strong management teams. According to a statement from Glentra, the acquisition reinforces their commitment to advancing projects that contribute to the energy transition.
Initially established as a joint venture between Spanish EPC firm Prodiel SL and Everwood's Fund V, DVP Solar Worldwide became fully owned by Everwood Capital in January 2022. This sale marks the first divestment from Everwood's Fund V portfolio.
Looking ahead, Everwood Capital plans to continue its investment in renewables through its fifth fund, targeting the acquisition of an additional 350 MW of fully permitted projects in 2024. The Madrid-based firm currently holds approximately 1 GW of projects with construction permits in place and aims to commence construction within the year after securing financing and selecting EPC contractors.
“We have demonstrated our capability to successfully invest in PV regulated assets across multiple funds and are making strides in project development and merchant PV investments,” commented Jose Antonio Urquizu, Founding Partner of Everwood Capital. “Additionally, we perceive an attractive opportunity in the debt space to finance the construction of fully permitted renewable projects in Spain,” he added.
