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Nofar Energy and Noy Fund invest in Spanish solar market

Published by , Editorial Assistant
Energy Global,

Less than two years after announcing the companies’ entry to the Italian market, Nofar Energy and Noy Fund have extended their European operations significantly by executing an agreement to buy 90% of the stock (shareholder loan) of a corporation that holds two solar projects in Spain with a total capacity of 235.5 MW.

Nadav Tene, Chief Executive Officer of Nofar Energy.

The project comprises two phases: the Sabinar 1, with an estimated capacity of 152.5 MW, and the Sabinar 2, with 83 MW. The two projects, whose construction will start shortly, are located near the Olmedilla Photovoltaic Park in Castilla de la Mancha in central Spain. The Olmedilla project, which is still under construction, will offer a capacity of 169 MW, bringing the total capacity of the three projects to approximately 404 MW.

The investment will be effected via Andromeda Solutions, a company held by Noy Fund (60%) and Nofar Energy (40%).

The deal, including the construction costs, will total €180 million. The projected annual revenues are €22 million and the projected yearly EBITDA exceeds €18 million.

The construction of the project’s first phase will start in 3Q2021, with the second phase starting in either 4Q2021 or 1Q2022. Both phases were given the material permits, including the State’s environmental compliance, development, and construction permits. The power supply to the projects had been secured too.

Nofar Energy and Noy Fund will fund the initial stages of the project with the companies’ resources. The funding strategy for the consequent stages will be determined based on the availability of funding sources in Spain and Israel, as well the existence of power purchase agreements (PPAs) and their viability given the projected evolution of Spain’s energy market in the coming years.

This is the third deal entered by Noy Fund and Nofar Energy’s joint venture, positioning it as a strategic player in Spain’s renewable market. Noy Fund will invest in the project through its Noy 3 and Noy 4 funds, which recently raised ILS2.2 billion from Israel's prominent institutional investors, including Altshuler Shacham, Clal, Phoenix, Migdal, Amitim, Psagot, Metav Dash, Jewish Colonia Trust (JCT), and more.



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