Watson Farley & Williams (“WFW”) has advised Noy Fund and Eranovum on the negotiation and execution of two long-term power purchase agreements (“PPAs”) to supply Telecor, S.A., part of the El Corte Inglés group, with electricity from their 169 MWp Olmedilla and 155.2 MWp Sabinar I projects.
Noy Fund is the largest infrastructure fund in Israel, established in 2011 by Poalim Capital Markets, a subsidiary of Bank Hapoalim, and the Clal Group, two of Israel’s leading investment groups. It specialises in large-scale energy and infrastructure projects both in Israel and worldwide and has significantly contributed to the development of Israel’s project finance sector.
Eranovum is a Spanish investment and management services company active in the renewable energy sector, specialising in developing and operating sustainable energy infrastructures across Europe, with a focus on Spain, Italy and Greece. Since its creation in 2019, it has managed the development and construction of numerous renewable energy projects in Spain, with a total installed capacity exceeding 400 MW, representing more than €350m of investment and the generation of clean energy to power more than 250,000 homes.
Madrid-headquartered El Corte Inglés is the biggest department store group in Europe and the third largest worldwide.
The WFW Madrid Corporate team advising Noy Fund and Eranovum was led by Madrid Office Head and Partner María Pilar García Guijarro, working closely with Senior Associate Fernando Santos and Associate Daniel Schaub.
María Pilar commented: “We are delighted to have assisted Noy Fund and Eranovum on this important project for Spain’s energy transition. This deal highlights once again WFW’s well-established reputation as the ‘go-to’ firm for complex, energy sector legal advice in Spain and cements our position as a leading firm in the renewable energy space in particular”.