Everwood Capital purchases 66 MWp solar project in Italy
December 24 (Renewables Now) – Spanish investment manager Everwood Capital has acquired a 66 MWp solar photovoltaic project in Sicily, its first in Italy.
In a post on its social media, the company said it bought the project from Spanish developer TW Solar for its Everwood Fund IV. Financial details of the transaction were not disclosed.
The solar farm will be located in the municipality of Troina, in the Sicilian province of Enna. The project will use bifacial panels mounted on a 1-axis tracking system, Everwood Capital said.
The connection rights and the land at Troina have been secured. The fund manager expects to finalize the authorization process by the end of 2023 and start construction immediately.
“The acquisition of this project in Sicily represents an important step for Everwood as it marks the start of our international expansion,” said Jose Antonio Urquizu, founding partner of Everwood Capital.
The company expects Italy to become one of its main strategic markets. Urquizu said Everwood Capital has “an attractive pipeline of international projects” under review and expects to close the deals in the coming months.
The acquisition in Italy comes after Everwood Capital secured an investment commitment from the European Investment Fund (EIF) for its Fund V, which is brimming with around 1 GW of solar projects in Spain and is also eyeing the Italian markets and Portuguese.