Noy Fund secures funds, contractor for 169-MW solar project in Spain

Solar park in Spain. Author: Som Energia Cooperativa. License: Creative Commons. Attribution 2.0 Generic

January 19 (Renewables Now) - Israel’s Noy Infrastructure & Energy Investment Fund has secured project finance and closed all contractor agreements related to its majority-owned Olmedilla solar photovoltaic (PV) project in Spain.

The Noy Fund-managed special purpose vehicle (SPV), Olmedilla Hive SL, was granted a structured loan totalling EUR 71.5 million (USD 86.7m) from Spanish lenders Bankia SA (BME:BKIA) and Banco de Sabadell SA (BME:SAB), according to law firm Watson Farley & Williams (WFW), which advised on the financing.

The financing was completed on a merchant basis.

The Israeli fund bought a majority stake in the 169-MW Olmedilla project from UK’s Hive Energy and White Light Energy in early 2020. The purchase represented Noy Fund’s first investment in Spain.

The fund also finalised agreements with Spanish builder ACISA Aeronaval de Construcciones e Instalaciones SA, which is set to serve as the engineering, procurement and construction (EPC) and operation and maintenance (O&M) contractor for Olmedilla, said WFW.

The Olmedilla site is located in Spain’s Cuenca province. The plant is expected to commence operation by 2022.

(EUR 1.0 = USD 1.213)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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