Andbank Spain has started the commercialization of the private equity fund ‘Everwood V’ by Everwood Capital, which will invest in the construction of unsubsidized photovoltaic projects in southern Europe, with an expected duration of seven years and a net target return for
the investor 12% per annum.
The Andorran bank will give the opportunity to invest in the vehicle preferentially to its private banking clients, after the success achieved with the previous funds of the manager, which obtained net annualized returns for investors of between 17.8% and 33.1%, according to
reported in a statement.
Everwood Capital, in addition to private banking clients, will complement the fundraising with national and international institutional investors. Once the investment is made, the Everwood Capital management team will be in charge of the active management of the entire value chain of each of the projects.
The fund will focus on market projects in the Iberian Peninsula, Portugal and Italy and will focus on investing in the construction of a diversified portfolio of photovoltaic plants. The firm plans to sell the portfolio of assets once they are in operation in 2026, the natural buyers being either industrial companies (electricity and oil and gas companies) or large financial entities (funds, insurance companies, pension funds).
Recently, the manager has reached the investment objective of the ‘Fund IV’ with 300 million euros and about 1,000 megawatts (MW) committed in new construction photovoltaic projects, as explained by the founding partner of Everwood Capital, Alfredo Fernández Agras.
“This sector is a great investment opportunity: it has institutional support from the Spanish state, the European Union (Treaty of Paris) and now also from the US, and is the great beneficiary in the global process of economic electrification and transition energetic “, has indicated
Andbank Spain’s product manager, Eduardo Martín.
At the end of 2019, Andbank Spain had more than 600 million euros of clients in alternative investments, among which are funds that invest in property businesses such as infrastructure, real estate or renewable energies, or in other market opportunities,
such as ‘venture capital’ funds, ‘private equity’ or market operations in which the entity sees value.
