Israeli joint venture invests in Spanish solar projects

LONDON (Reuters) - A joint venture between Israel’s Nofar Energy Ltd and Noy Fund will invest in two solar energy projects with combined capacity of 23.5 megawatts (MW) in Spain, the firms said on Wednesday.

The joint venture, called Andromeda Solutions, will invest in a two-phase solar project in central Spain.

The deal, including construction costs, will total 180 million euros ($212.85 million). The projected annual revenues are 22 million euros and the yearly EBITDA exceeds 18 million euros, it said.

The first phase of the project, called Sabinar 1, will start construction in the third quarter and will have a capacity of 152.5 MW. The second phase, called Sabinar 2, will start construction in the first quarter of 2022 and will have a 83 MW capacity.

The assets are located near the Olmedilla photovoltaic park which is still under construction and which the joint venture invested in last year.

“The current deal aligns with Nofar Energy’s strategic plan to extend its global operations significantly still in 2021,” said Nadav Tene, chief executive of Nofar Energy.

“We remain focused on identifying and developing additional operations and projects in additional markets,” he added.

($1 = 0.8457 euro)

Reporting by Nina Chestney