USD139 million Financing secured for 238 MW solar project in Spain

Spanish solar developer Eranovum, together with its international partners Noy Fund and Nofar Energy, has secured financing worth EUR132 million (USD139 million) from a German pension fund for its 238 MW Sabinar solar project in Cuenca, Spain.

The Sabinar project comprises two phases: Sabinar I, operational at 155 MW, and Sabinar II, currently under construction at 83 MW. Additionally, the province of Cuenca has hosted the Olmedilla plant, generating 169 MW of clean energy since July 2022. The combined Sabinar and Olmedilla projects represent an investment exceeding EUR350 million (USD370 million). Together, they have a capacity of over 400 MWp, supplying energy to approximately 250,000 households and preventing the emission of 320,000 tonnes of carbon dioxide (CO2) into the atmosphere.

In this transaction, Eranovum, Noy Fund, and Nofar Energy received exclusive financial advisory from CaixaBank and legal advisory from Watson Farley & Williams.