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Israel’s Noy Fund has announced the acquisition of Hive Energy’s Sabinar solar project, located in Cuenca, Spain.

Noy Fund’s deal includes rights of both phases of the Sabinar project, for which Hive is in the process of receiving all the relevant planning and environmental permits.

Located in Cuenca, the solar farm will cover an area of 452ha and is set to enter the construction phase this year.

The solar facility will be built in two phases, with Sabinar 1 expected to deliver nearly 169MW of clean energy, and Sabinar 2 approximately 83MW of renewable electricity.

The purchase made by Noy Fund includes the costs of construction.

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By GlobalData

Hive Energy Spain general manager Luis Martinez Hermida said: “At Hive, we continue to look for opportunities in clean energy that will combat climate change. Completing the sale of Sabinar to Noy is a key milestone for Hive in Spain.

“We continue to grow ambitiously across our activities in the market, including the planned delivery of 1.5GW of large-scale solar projects and 1400MW of green hydrogen projects. Our mission remains the same: creating transformational change for a cleaner future by delivering world class renewable energy projects.”

Financial details of the deal have not been disclosed.

Last year, Noy Fund closed the acquisition of Hive Energy’s neighbouring project in Cuenca, Olmedilla, as 100% project owner.

Hive Energy is establishing its presence in the Spanish renewable market with a further pipeline of 1.5GW of solar projects planned. Currently, the company is developing 1400MW of green hydrogen projects in Spain.

To support its expanding activities in Spain, Hive Energy has also opened its larger office in Alicante, Spain in February this year.

In November, the company acquired a 50% stake in Ethical Power Group, a sustainable energy generation company in the UK.