A group of foreign investors will invest 1,000M€
A group of foreign investors has decided to take forward the biggest photovoltaic challenge in Spain, having a portfolio of 1 GW of power. It will do so through Esparity Solar, which has already
approved the operation for which 1,000 million euros will be invested in Spain to develop photovoltaic projects and buy some assets already in operation.
These photovoltaic projects “will not have any kind of premium or subsidy from the Government”, explains Francisco Clavel, general director of Esparity Solar. The company, based in London and Valencia, will buy and co-develop solar plants that will meet international project finance standards, working in collaboration with local developers.
In this way, Esparity Solar “will benefit Spain by providing economic growth and domestic employment, accelerate the decarbonisation of the Iberian Peninsula and provide attractive returns
to investors.”
Francisco Clavel Gavidia joins the team as Director General. Clavel is an experienced developer of Spanish solar projects, having led the development division of Siliken Energy.
Clavel will be in Valencia while from London, James Sibony, CEO of the company, will manage the group. Sibony brings considerable experience in the financing of renewable energy having acquired
and financed more than 1GW of renewable energy projects throughout Europe and Australia.
In addition, he will continue with his role as founding partner of Lennox Partners, a renewable energy financial services firm located in London. Sibony is also a board member of ESCO Pacific,
an Australian leader in solar development located in Melbourne.
The board of Esparity Solar is formed by different foreign investors that provide a wide network of contacts and relationships to support the requirements of development and financing of the
business in the future. Three main advisors of Esparity Solar complement the senior team with financial, investment and renewable energy experience.
Brady Scanlon, CEO of his private investment company Alady Group, which has investments in the Craft brewery, Fin Tech, GPS technology, large solar plants, unlisted debt and listed securities;
Steve Rademaker is CEO of ESCO Pacific in Melbourne, a leading Australian solar developer that has managed to finance close to 320MW to date and Walter Rotondo, a former CEO of Credit
Suisse and global product derivatives manager.