EIF to invest EUR50mn in Everwood Renewables Europe V

The European Investment Fund (EIF), part of the European Investment Bank Group (EIB), has closed a commitment to invest EUR50 million (US$56.5 million) in Everwood Renewables Europe V FCR. 

Based in Spain, the Fund is managed by Everwood Capital and is devoted to investing in renewable assets in Southern Europe. Everwood Fund V will invest in developing, constructing, and operating a portfolio of new renewable projects, primarily photovoltaic assets. Everwood Fund V is also classified under Art. 9 of the Sustainable Finance Disclosure Regulation (SFDR). This implies that the investments under the Fund will contribute to reducing CO2 emissions and will be aligned to the EU Taxonomy.

Everwood Fund V has already closed the acquisition of a 1 GW portfolio in Spain comprising about 20 projects, which are currently under development and expected to be fully operational by 2024. With EIF’s commitment, Everwood Fund V reaches about EUR250 million (US$282.5 million) closed commitments and is confident to reach its EUR500 million (US$565 million) target in 2022.