James Sibony’s Esparity Solar targets 1GW in Spain

Esparity Solar News

A newly established vehicle Esparity Solar has raised capital from investors to target a 1GW portfolio of grid parity solar projects in Spain.

The vehicle targets projects without government subsidies. It will acquire assets and with local companies co-develop solar farms that meet international project finance standards.

The stated funding plan for the vehicle is €1 billion ($1.25 billion).

Esparity Solar’s founder and chief executive is James Sibony, based in London, and announced its launch on 30 January. He is a founding partner from 2009 at renewable energy finance advisory firm Lennox Partners, and he will continue in this role.

According to a Companies House filing, on 25 January Esparity Solar (UK) Holdings raised €9,069 of share capital. The vehicle was incorporated on 21 November 2017.

Sibony has been on the board of directors of Australian solar developer ESCO Pacific since 2015. He started his career at UBS, before moving to Ernst & Young and then Challenger Financial Services Group.

Esparity Solar will have a team based in both Valencia and London.

Francisco Clavel Garidia has joined the team as managing director, based in Valencia. He was previously chief exec of Spanish solar energy equipment manufacturer Siliken Energy (2008-12), managing partner at wind turbine manufacturer Anelion Smart Power (2012-15) and most recently managing partner of a plastic products manufacturer PROINEV (2016-17).

The legal advisers for Esparity Solar are Squire Patton Boggs and Thomson Geer.

The board members of Esparity Solar are:
– Brady Scanlon – executive chairman of private investment company Alady Group
– Steve Rademaker – chief exec of ESCO Pacific in Melbourne
– Walter Rotondo – former managing director of Credit Suisse and global head of fund derivatives