February 13, 2020 / 12:30 PM / 4 days ago

Israel's Noy Fund acquires majority stake in two Spanish solar plants

LONDON, Feb 13 (Reuters) - Noy Infrastructure & Energy Investment Fund has acquired a majority stake in a portfolio of two solar photovoltaic plants, in the Israel-based fund’s first investment in Spain.

The two plants have a total installed capacity of 421 megawatts and are located in the Spanish province of Cuenca, said law firm Watson Farley & Williams, which advised on the acquisition.

The plants are under development and expected to become operational by 2021. The value of the acquisition from Hive Energy and White Light Energy was not disclosed.

Noy Fund was established in 2011 by its anchor investors, Poalim Capital Markets, a subsidiary of Bank Hapoalim, and the Clal Group, both of which are investment groups.

Noy Fund has raised over $1.1 billion from many of Israel’s largest institutional investors. It specialises in large-scale energy and infrastructure projects both in Israel and worldwide. (Reporting by Nina Chestney; Editing by Edmund Blair)

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