Spain´s Everwood Capital has closed the financing of the Cartuja photovoltaic plant, of 50 megawatts (MW) and located in Cadiz, Spain, through a project finance with Liberbank for €25m.
The transaction closed on 31 December. The PV plant, developed by Abei Energy, will be operational in 2021. It is Everwood's second merchant plant, with the financing representing a leverage of 62% on the project.
Everwood is a Spanish investment fund manager focused on PV merchant plant construction. It currently manages several funds, including a fourth of €300m+, and is raising capital for its fifth fund with an objective of €500m.
Watson Farley & Williams´ Madrid office advised Everwood on this transaction with a team led by partner Jose Maria Anarte, which included senior associate Jacobo Hermidas.