Noy Fund has acquired a majority stake in a Spanish photovoltaic portfolio consisting of two plants with a total installed capacity of 421 megawatts.
The portfolio, which was acquired from Hive Energy and White Light Energy, represents Noy Fund’s first investment in Spain.
The Olmedilla and Sabinar plants, which are both located in the Spanish province of Cuenca, are currently under development and are expected to become operational by 2021.
Noy Fund was established in 2011 with the support of anchor investors Poalim Capital Markets, a subsidiary of Bank Hapoalim, and the Clal Group, two of Israel’s leading investment groups.
Noy Fund has raised more than $1.1 billion from institutional investors in Israel. It specialises in large-scale energy and infrastructure projects worldwide.
A Madrid-based Watson Farley & Williams team advised Noy Fund on the transaction – the team was led by Madrid office managing partner María Pilar García Guijarro (pictured), and included senior associates Javier Ester, Fernando Santos and Lidia Fernández.
García Guijarro said: “This acquisition is strategically important to our client and underlines the attractiveness of Spanish renewables to leading international investors that want to expand.”