Spain-based renewable energy investor Everwood Capital has hired Bank of America to sell a portfolio of 6.1 gigawatts (GW) of solar power plants in Europe and Latin America, according to four sources with knowledge of the deal.
Everwood expects to start receiving early offers for the projects, located in Spain, France, Italy, Germany, Colombia, Greece, Peru and Argentina, in two weeks.
Appetite for low-carbon energy sources has taken on fresh urgency this year after Russia’s invasion of Ukraine, with oil and gas companies setting ambitious green targets and jostling with utilities and existing renewables investors to lead the energy transition.
The portfolio consists of 1.3 GW of solar photovoltaic projects in Spain and Italy and a development platform with 4.8 GW of solar pipeline and local teams in Spain, Italy, France, Germany and Latin America.
One gigawatt is roughly equal to two coal-fired power plants.
The bidders could either offer to buy a fund holding projects that are closer to completion, or a separate parcel of less developed assets known as DVP solar, or both, the sources said.
Everwood declined to comment.
The assets could be valued at up to 750 million euros ($735.15 million) depending on bidders’ appetite, one of the sources said.
According to a document seen by Reuters, 50 megawatts (MW) are already producing while 2,138 MW are “secured”, which means a success rate of between 75% and 95%.
The sale, code-named Project Surya, includes a team of 40 employees.
Earlier this week, Madrid-based Asterion received non-binding offers from Spanish oil and gas company Repsol and French utility Engie for another portfolio of 6 GW of wind and solar plants in Spain, France and Italy.
