SPAIN: Infra fund emerges as seller of 150 MW Spanish solar portfolio

Icon Infrastructure has emerged as the party to have sold a 150 MW solar PV portfolio in the south of Spain to Everwood Capital earlier this month.

Everwood Capital confirmed the purchase of three circa 50 MW Carmona-located solar projectsearlier in April,while declining to name the seller.

This is now known to be Icon Infrastructure, which previously purchased the Arcadia Renovables portfolio from local developers in May 2023, according to filings.

Everwood has now begun sounding the market regarding the debt raise for the schemes, and has also initiated a tender for an EPC contractor to start the build-out over the summer.

Everwood will start the construction of the projects on an all-equity basis but is understood to be aiming to reach financial close on a debt package before the end of 2024.

The investor will initially look to raise finance for the portfolio on a merchant basis, to cover 40%-50% of its EUR 120m total cost, but could look to negotiate a PPA or floor price agreement with an offtaker at a later date.

Utilities are currently offering prices in the low EUR 30s/MWh for 10-year pay as produced Spanish solar PPAs, while corporates are potentially willing to offer prices EUR 5/MWh - EUR 10/MWh higher, according to market sources.

Everwood is looking to acquire a further 350 MW of late-stage development or RTB solar PV for the Everwood V fund before the end of 2024.

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