WFW advises Everwood on €25m PV project financing in Cádiz

Watson Farley & Williams has advised Everwood Capital on the €25 million financing granted by Liberbank for the 50 MW Cartuja photovoltaic plant, currently under construction

The transaction closed on 31 December.

The photovoltaic plant, developed by Abei Energy, is located in Cádiz, Spain, and will be operational in 2021. It is Everwood’s second merchant plant, with the financing representing a leverage of 62 per cent 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 €300million+, and is raising capital for its fifth fund with an objective of €500 million.

The WFW Madrid Finance team advising Everwood was led by partner Jose María Anarte (pictured left), working closely with senior associate Jacobo Hermidas (pictured right).

Jose María 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.”