SPAIN: Everwood Capital lays groundwork for 450 MWp solar PV financing
Everwood Capital has stepped up financing plans for a 450 MWp Spanish solar PV portfolio, having pitched the EIB for up to EUR 165m in project finance to support its construction.
The Betica PV portfolio comprises five utility-scale projects located in the provinces of Cordoba (300 MWp) and Seville (150 MWp) which have a total projected capex of EUR 346m.
The Spanish fund manager is aiming to reach financial close on the portfolio in Q4 2024, to run the main contracting tenders through 2025 and to start construction by late next year. Commissioning of the portfolio is anticipated in 2026.
The portfolio financing is being structured on a merchant basis, with a likely debt to equity gearing of 50:50. As such, there could be room for a commercial lender on the deal pending the extent of the EIB’s involvement.
Everwood may enter into PPA negotiations for the portfolio at a later date during construction, when there is clear visibility on when commissioning will occur.
Pay-as-produced 10-year PPAs in Spain with a near-term supply start date are being offered by corporates in the high EUR 30s/MWh to low EUR 40s/MWh range, while utilities are only offering prices of around EUR 30/MWh, according to market sources.
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