Eranovum, a Spanish group dedicated to accelerating the energy transition, together with its international partners, Noy Fund and Nofar Energy, has secured financing worth €132 million ($142 million) from a German pension fund for their Sabinar solar photovoltaic plant in Spain.
This is a significant amount of senior debt from a single institutional lender, partially dimensioned on the sale of energy to the market with a loan life of more than 20 years, which will cover a significant portion of the project's capex.
Located in the Spanish province of Cuenca, the Sabinar project has a capacity of 238 megawatts and consists of two phases: Sabinar I with 155 megawatts, which is already operational, and Sabinar II with 83 megawatts, which is currently under construction.
Also in the province of Cuenca is the 169-megawatt Olmedilla plant, which has been generating clean energy since July 2022. The Sabinar and Olmedilla projects represent an investment of more than â