editorial
CaixaBank, a leading Spanish bank, has successfully secured €132 million in financing for Eranovum, a Spanish group focused on streamlining the energy transition. The financing has been arranged in collaboration with Noy Fund and Nofar Energy.
The funds will be utilized to develop a solar plant in Sabinar, located in the province of Cuenca. The project encompasses two phases – Sabinar I, which has a capacity of 155MW and is already operational, and Sabinar II, which is currently under construction and will have a capacity of 83MW. The entire Sabinar project is expected to generate 238MW of power.
The Sabinar plant is part of a larger initiative in Cuenca, involving multiple projects with a combined investment of over €350 million and a total power capacity of more than 400 MW. This will be sufficient to provide clean energy to nearly 250,000 homes and avoid the emission of 320,000 tonnes of carbon dioxide into the atmosphere.
CaixaBank played a pivotal role in securing the financing by reaching out to over 40 corporate investors during a roadshow conducted in London, Frankfurt, Paris, and Munich. The bank also assisted Eranovum, Noy, and Nofar in coordinating efforts to obtain the necessary financing documents and conducting due diligence.
The Equities & Corporate Finance Department of CaixaBank has observed that the Sabinar project primarily carries a merchant risk profile, although it does have a Power Purchase Agreement (PPA) that covers 25% of the revenue.
Eranovum, the Spanish group driving the energy transition, focuses on investments, development, and operation of solar photovoltaic plants, wind farms, and storage facilities. Noy, one of Israel’s prominent infrastructure and energy funds, manages assets worth €3 billion, while Nofar is a publicly traded Israeli company with a market capitalization of approximately €700 million and expertise in renewable asset development and operation.
The recent financing arrangement highlights CaixaBank’s commitment to supporting sustainable energy projects and accelerating the transition to renewable energy sources.
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