Hive Energy and White Light Energy have sold a majority stake in a 421MW photovoltaic portfolio in Spain to Israel-based Noy Fund.
The solar plants, Olmedilla and Sabinar, both located in the province of Cuenca, are under development and are expected to become operational by 2021.
Law firm Watson Farley Williams (WFW) advised Noy Fund on the due diligence process as well as the negotiation of the share purchase agreement, shareholders agreement and development agreement, and other legal documentation.
The firm also provided regulatory advice on the Spanish legal framework for renewable energy projects.
Noy Fund was established in 2011 through the initiative of its anchor investors, Poalim Capital Markets, a subsidiary of Bank Hapoalim, and the Clal Group, two of Israel’s main investment groups.
Noy Fund has raised over €1000m from many of Israel’s largest institutional investors. It specialises in large-scale energy and infrastructure projects in Israel and worldwide and has significantly contributed to the development of Israel’s project finance practice.
WFW lawyer Maria Pilar in the Madrid practice said: “It was a great pleasure to assist Noy Fund on their first foray into Spain’s renewables market.
“This acquisition is strategically important to our client and underlines the attractiveness of Spanish renewables to leading international investors which want to expand.”