Hive Energy, the leading UK-based PV solar developer and operator, and Noy Fund, the major Israel-based infrastructure fund manager, together with its local partner Eranovum Energy, are pleased to announce a partnership to build two neighbouring ground-mounted PV solar plants in Castilla La Mancha, Spain. The projects will have a capacity totalling 420MWp and are expected to generate 880GWh of power annually, enough energy to power more than 200,000 homes each year with renewable energy and reducing CO2 emissions by more than 225,000 tonnes per year. The projects will contribute to Spain’s Energy Strategy to achieve 100% renewable electricity by 2050 and to cut greenhouse gas emissions by 40% by 2030.
The plants are being developed and their construction managed by Hive Energy and it is expected that construction will start in Q3 2020. Noy Fund will provide long-term funding for the projects and will work together with its local partner Eranovum Energy, who led the origination of the transaction. Both plants will be co-owned among Noy, as a majority shareholder, Hive and Eranovum.
Giles Redpath, CEO of Hive Energy said; “We are delighted to be working with Noy Fund on this €300 million flagship project. As part of our 1.5GWp pipeline of projects in Spain we are pleased to be making a significant contribution to Spain’s carbon-reduction programme utilising expertise from the UK, our team in Spain and our new partners from Israel.”
Luis Martinez, General Manager Spain, said; “Meeting our urgent climate needs requires real action. By partnering with Noy Fund, who are highly experienced at delivering pioneering infrastructure projects, we are taking another great step to delivering low cost and low carbon power to hundreds of thousands of Spanish homes. At Hive Energy we are committed to combatting climate change and being part of the energy transformation to a cleaner future here in Spain and across our markets.”
Ran Shelach, Managing Partner of Noy Fund said; “These projects mark yet another big step of implementing our strategy to liaise and manage large scale ventures with high quality partners such as Hive Energy and Eranovum and to establish a long-lasting presence in the region. The Spanish market has an excellence prospect and we are keen to explore and develop more projects.
José Luis Aguirre, co-founder of Eranovum, said; “This partnership demonstrates the interest of major international investors on the Spanish solar market, where the new era of subsidy-free renewable energy plants has now started. We’re happy to work together with Noy Fund in this long-term project, bringing the industry best practices to the world energy transition.”
Hive Energy Limited
Hive Energy was founded in 2010 by Giles Redpath to participate in the significant solar PV expansion in the UK. Since then the company has become established as one of the largest and most experienced UK solar developers, responsible for installing in excess of 300MW of generating capacity across the country and has been ranked as the Highest Pure Play Developer in the UK by Solar Intelligence and in the top three Solar Businesses in Britain by Bloomberg.
As one of the largest solar developers in the UK, Hive Energy developed the 48MW Southwick Estate Solar Farm in Hampshire. The project was energised in March 2015 and was the largest solar park in the UK at the time. Hive Energy has recently submitted planning permission for one of Europe’s largest solar projects, Cleve Hill Solar Park (350MW), marking the start of a pipeline of subsidy-free parks in the UK.
The company has a network of seven offices globally and has a 2.5GW pipeline of projects under development, construction and operation.
Hive Energy was advised by Osborne Clarke, Madrid.
Noy Fund was established in May 2011 through the initiative of its anchor investors, Poalim Capital Markets (a member of the Poalim group) and the Clal Group, two of Israel’s leading investment groups. The Fund’s managers enjoy the strong support of the local capital markets, raising over US$1100 million from many of Israel’s largest institutional investors, to the fund and to co-investment vehicle.
Over the past two decades the Noy Fund team members have been involved in almost every large-scale infrastructure project executed in Israel and have had a significant contribution to the development of the project finance practice in Israel.
The experience gained and relationships formed by Noy Fund’s team uniquely positions it to invest and manage projects in the global infrastructure sector.
Noy Fund was advised by Watson Farley & Williams and Vector Cuatro, Madrid.