Eranovum secures financing for its 238MW Sabinar solar project in Spain

Spanish solar developer Eranovum has secured financing worth €132 million for its 238MW Sabinar solar project.

Eranovum secured the funds from a German pension fund. The developer is working in partnership with its international partners Noy Fund and Nofar Energy for the project.

The company informed that the Sabinar project has a capacity of 238MW. It consists of two phases, Sabinar I with 155MW, which is already in operation, and Sabinar II with 83MW, which is under construction. The projects are located in the province of Cuenca.

The financing agreement was done for over 20 years, which will cover the major portion of the project's Capex.

The 169MW Olmedilla plant is also in the province of Cuenca, as these two projects have a capacity of more than 400MWp. The duo represents an investment of more than €350 million, and will supply energy to around 250,000 households, the company stated.

José Luis Aguirre, co-founder and managing partner of Eranovum, was quoted in a statement, "It is a great honour that a German institutional investor has placed its trust in the Sabinar project, one of the largest operational photovoltaic installations in Spain. We want to continue leading the energy transition with projects that have a direct impact on the decarbonisation of our energy mix."

Last year, Eranovum, along with Noy Fund and Nofar Energy had inked two long-term PPA with El Corte Inglés subsidiary Telecor, which involves the long-term purchase of power from the Olmedilla and Sabinar photovoltaic plants. This deal is regarded as one of the largest of its kind in Spain and Europe, a local report mentioned.