Watson Farley & Williams (“WFW”) advised Everwood Capital (“Everwood”) on the €25m financing granted by Liberbank for the 50 MW Cartuja photovoltaic (“PV”) plant, currently under construction. The transaction closed on 31 December.
The photovoltaic plant, developed by Abei Energy, is located in Cadiz, Spain, and 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 and leader in new 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.
The WFW Madrid Finance team advising Everwood was led by Partner Jose Maria Anarte, working closely with Senior Associate Jacobo Hermidas.
Jose Maria commented: “We are very pleased to have advised Everwood on this transaction. We are seeing a decrease in merchant projects in the sector, but the confidence demonstrated in this project by Liberbank, in its first financing of this type in Spain, suggests opportunities going forward. Our team, a leader in project finance in Spain, is once again advising the main players in the market”.
