February 13, 2020 — Watson Farley & Williams (“WFW”) has advised Noy Infrastructure & Energy Investment Fund (“Noy Fund”) on the acquisition of a majority stake in a photovoltaic (“PV”) portfolio of two plants with a total installed capacity of 421 MW from Hive Energy and White Light Energy. It represents Noy Fund’s first investment in Spain.

The Olmedilla and Sabinar plants, both located in the Spanish province of Cuenca, are currently under development and are expected to become operational by 2021.

WFW advised Noy Fund on the due diligence process as well as the negotiation of the share purchase agreement, shareholders agreement and development agreement, and other legal documentation. The firm also provided regulatory advice on the Spanish legal framework for renewable energy projects.

Noy Fund was established in 2011 through the initiative of its anchor investors, Poalim Capital Markets, a subsidiary of Bank Hapoalim, and the Clal Group, two of Israel’s leading investment groups. Noy Fund has raised over US$1100m from many of Israel’s largest institutional investors. It specialises in large-scale energy and infrastructure projects in Israel and worldwide and has significantly contributed to the development of Israel’s project finance practice.

The multi-disciplinary WFW Madrid team that advised Noy Fund on the transaction was led by Madrid Office Head and Partner María Pilar García Guijarro, working closely with Senior Associates Javier Ester and Fernando Santos. Regulatory Senior Associate Lidia Fernández advised on the regulatory aspects of the deal.

María Pilar commented: “It was a great pleasure to assist Noy Fund on their first foray into Spain’s renewables market. This acquisition is strategically important to our client and underlines the attractiveness of Spanish renewables to leading international investors which want to expand. That WFW was chosen to provide legal expertise on this significant transaction once again illustrates our standing as the ‘go to’ law firm for complex transactions in sector”.