A new utility scale solar power project developer DVP Solar has entered the global PV industry as a joint venture between Spanish investment manager Everwood Capital and EPC company Prodiel. Everwood Capital has entered the JV through its Fund V.
The current portfolio of DVP Solar comprises 5 GW of operational grid connected solar PV capacity, with another 2 GW at an initial development stage. Projects are distributed across Spain, France, Germany, Italy, Colombia and Peru. Over the next few years, it plans to develop another 3 GW capacity.
With Everwood Capital on board, DVP Solar is cushioned financially and with Prodiel it gets experience in on ground solar industry activities. DVP Solar said it will be involved in a project right from land procurement to designing grid connection solutions.
According to the Private Equity Wire, Everwood Capital and Prodiel entered an agreement for the majority of Fund V to invest in up to 1.098 GW turnkey solar projects of Prodiel, all in Spain. Additionally, Everwood Capital earned the right to purchase from Prodiel an additional capacity of 500 MW. They had planned to co-develop new projects in Europe, with a focus on Italy.
DVP Solar is led by Eduardo Criado as the company's CEO. He has previously worked with Jinko Power International and Abengoa in Spain.