Nufar will double its supply in Spain – the capital market

Nofar Energy
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And Keren Noy will acquire rights in two solar projects ahead of construction in Spain with a capacity of 235.5 megawatts for 180 million euros. The expected annual revenue from the projects is about 22 million euros and the annual EBITDA is estimated at about 18 million euros, with the start of the construction of the first phase planned for the third quarter of the year and the second phase in the last quarter, or the first quarter of 2022. Permits and both have a guaranteed electrical connection.

The projects are owned by a local corporation of which the two companies will acquire 90%, through Andromeda Solutions held by Keren Noy (60%) and Nofar Energy (40%). The project, in the Castilla La Mancha region of central Spain, consists of two phases: the first with an estimated power of about 152.5 megawatts and the second with a power of about 83 megawatts.

Nofar and Noy have already invested in two previous projects together, and the current investment is being made by Noy through its No. 4 fund, which recently raised NIS 2.2 billion from institutional entities. Among the previous projects is Olmedilla, which is also located in the Castilla-La Mancha region, and the expected power from it is 169 megawatts. Completion of the latest project, like the current one, will increase the power of Nufar and Noy in Spain to about 404 megawatts.

Nofar also announced that it will purchase Tesla energy storage systems for $ 30 million, and it is estimated that these will enable the construction of solar energy production systems in the amount of about 150 megawatts, that the revenues from the construction of the systems will amount to NIS 534 million. NIS 50 million a year and these from the maintenance of the systems to about NIS 10 million a year.