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Spain’s Prodiel EPC is looking for a new partner, plans to enter new PV markets

Prodiel recently went from being a single entity to a holding company, comprised of three different businesses. Its project development division has created a 50% joint venture with Everwood, and now the EPC unit that is looking for a new partner to grow.

From pv magazine Spain

At the end of May, Spain’s Prodiel announced it would evolve from being a single entity to a holding company comprised of three business units with independent teams: engineering, procurement, and construction (EPC); energy marketing; and PV project development.

Ángel Haro is now the president of the holding company, while Mario Serrano, has taken on the role of general director of the EPC. For the project development business, Prodiel has established DVP Solar – a 50% joint venture with Everwood.

The new company has PV projects in Spain, France, Germany, Italy, Colombia, and Peru, and manages 5 GW worth of grid connected PV capacity. A further 2 GW of solar projects are said to be in the initial development phase, while there are plans for another 3 GW in the coming years.

In a statement to pv magazine Spain, the Sevillian renewable energy firm and the third largest PV specialist of its kind in the world, according to IHS Markit, says the new EPC division aims to end 2021 with the arrival of a new investment partner to help it grow further. Santander, BBVA, and Lazard are all helping in the search.

Already, there are several conversations ongoing with potential investors; the goal is to not relinquish more than 51% of the company.

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Prodiel is also looking to enter other solar markets such as northern Europe, in addition to those it is already focused on, which include Spain, Portugal, and Italy – currently comprising 90% of its business – and Chile, Mexico, and Colombia, in Latin America, which account for the remaining 10%.

Looking back at 2020, Prodiel told pv magazine that despite a project slowdown resulting from the Covid-19 pandemic, it managed to consolidate and match its turnover (€580 million) with that of 2019. EBITDA, meanwhile, was €20 million, representing 3.5% of the turnover.

The financial projection at the end of December 2020 for the next four years was slated to be €1.8 billion; however, this has been increased to €2.4 billion as of June 30, 2021. To realize this ambitious goal, the Sevillian multinational employs over 900 direct and 3,000 indirect workers.

“In 2022 and 2023, we are going to have a number of simultaneous projects. To be prepared, we have launched Progra + Talento, where 14 persons with high potential have been selected both inside and outside of the company to carry out a high-performance and multidisciplinary itinerary (theoretical and practical) with the objective to fill positions of responsibility in future Prodiel projects,” a company spokesperson told pv magazine.

They added, “For us, the growth of the company must go hand in hand with the growth of society in general. We have developed a Corporate Social Responsibility plan to favor initiatives in all the communities where we carry out our projects, which revolve around the field of health, the environment, education, local industry or culture.”

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Source: pv magazine