Nufar Energy: Financial closure completed for 169MW solar project in Spain – gas and oil

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Which last week completed the initial public offering (IPO) on the Tel Aviv Stock Exchange at a value of NIS 2.6 billion (after the money), reports that its subsidiary Noy Nofar Europe in partnership with Keren Noy (60%) has completed a financial closure of the Olmedilla project – a photovoltaic project Located in the Castia La Mancha area of ​​Spain with a power of 169MW.

According to the report, the company closed a limited recourse financing agreement of approximately 71.5 million euros for a period of 18 years with two Spanish banks. The financing constitutes approximately 56% of the total cost of the project, which is estimated at approximately EUR 128 million, and the balance will be paid proportionately by the shareholders in the project.

The Olmedilla project, with a capacity of 169 MW, is in the early stages of construction, after the milestones for the development of the project, the completion of the project and the start of the sale of electricity are expected in the first half of 2022.

Nadav Tene, CEO of Nofar Energy: “The signing of the financing agreement for the Olmedia project is a significant milestone in the global operations of Nofar Energy. Financial closure of this project is a first step in the process of promoting other significant projects that the company is working on, both through successful cooperation with Keren Noy and through the company’s independent activities. “In parallel with the global expansion, we are currently working on the continued development, licensing, financing and construction of projects amounting to hundreds of megawatts in Israel under a variety of different regulatory regulations.”

Projector ornamental delivered: “This is the first of a number of projects in various stages that Noy-Nofar Europe has commissioned in recent years. The deal was completed during a difficult period in the Spanish market and the very financial closure these days shows the quality of the project and the quality of the management team.”

Nofar Energy is engaged in the initiation and long-term investment activity in photovoltaic systems for the production of “clean” electricity from solar energy in Israel and Europe, as well as in the construction (EPC), operation and maintenance (M&O) of photovoltaic systems in Israel, mainly for corporations held by it, including With third parties.