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Israel’s Noy Fund have acquired Hive Energy’s Sabinar solar project, located in Cuenca, Spain.
The deal includes rights to both phases of Hive’s Sabinar project, for which Hive are in the process of receiving all the relevant planning and environmental. Construction of the project is expected in summer 2021, and once complete the project will cover an area of 452 hectares. The project will be constructed in two phases, with Sabinar 1 and 2 delivering approximately 169 MW and 83MW of renewable electricity, respectively. The purchase includes the costs of construction.
In spring 2020 Noy Fund concluded the purchase of Hive’s neighbouring project in Cuenca, Olmedilla, as 100% project owners.
Hive Energy continues to hold a significant presence in the Spanish solar market with a further pipeline of 1.5GW of solar projects planned. Following its success in solar, Hive is developing new opportunities to deliver a clean future. Hive Energy is now developing 1400MW of green hydrogen projects in Spain. Supporting its expanding activities in the country, Hive Energy inaugurated its larger office in Alicante, Spain in February 2021.
Speaking on the acquisition of Sabinar, Luis Martinez Hermida, General Manager Spain, said:
“At Hive, we continue to look for opportunities in clean energy that will combat climate change. Completing the sale of Sabinar to Noy is a key milestone for Hive in Spain. We continue to grow ambitiously across our activities in the market, including the planned delivery of 1.5GW of large-scale solar projects and 1400MW of green hydrogen projects. Our mission remains the same: creating transformational change for a cleaner future by delivering world class renewable energy projects.”