Kobus Renewable Energy III, the third private equity fund led by Kobus Partners, has closed an acquisition agreement with developer Esparity Solar to acquire three solar PV projects.
Aquisition agreement between Kobus and Esparity Solar
Kobus Renewable Energy III, the third private equity fund led by Kobus Partners, has closed an acquisition agreement with developer Esparity Solar to acquire three solar PV projects with an aggregate installed capacity of 250 MW. The largest of the projects, named Cordovilla, with a capacity of 150 MW, will be located in Navarre, while the other two, Salinetas and Salinetas II, will have an installed capacity of 50 MW each and will be located in the province of Alicante. The assets are expected to start generating electricity from 2023, providing green electricity to around 45,000 households annually and avoiding the emission of more than 80,000 tonnes of CO2 into the atmosphere each year.
These acquisitions are part of the fund’s strategy to acquire projects that are in the final stages of development, under construction or in operation, with the objective of building a portfolio of around 500 MW of assets that generate electricity from renewable energy sources and that are mainly located in Spain and Portugal.
The Cordovilla project combines the implementation of beekeeping, environmental and socio-economic measures in the area of the facility located in Navarre. The project has recently gone public and has obtained the UNEF (Spanish Photovoltaic Union) preliminary sustainability excellence certificate awarded by the independent certifying company CERE.
Salinetas and Salinetas II projects in Alicante
The Salinetas and Salinetas II projects in Alicante incorporate a strip of vegetation for landscape integration, considering the natural topography, the existing vegetation and the visual organisation of the landscape as relevant landscape references. They also have full annual bird surveys, positive urban compatibility and additional wildlife protection measures to enhance the biodiversity of the environment.
Pablo Guinot, partner at Kobus Partners...
…stated that “this transaction not only represents the addition to our portfolio of 3 high quality projects developed by Esparity that will provide long-term profitability for our investors, it also represents a new step in our firm commitment to sustainable energy transition.”
James Sibony, CEO of Esparity Solar, commented that...
… “this sale represents an important milestone for Esparity with regards to our initial goal of developing 1,000 MW. We are delighted with this transaction with Kobus Partners, which will enable the construction of the Cordovilla, Salinetas and Salinetas II projects. Esparity’s experienced team will be responsible for continuing to develop the projects until they reach the “Ready to Build” stage.
In order to close the transaction, Kobus Partners received legal advice from Deloitte Legal and technical advice from G-Advisory and Blue Tree AM. On the other hand, Esparity Solar was advised by Broseta law firm.
About Kobus Partners
Kobus Partners is an independent private equity fund manager specialising in the renewable energy and energy infrastructure sector. Founded in 2016, Kobus manages 500 million euros of private and institutional investment through four equity (capital) investment vehicles and one debt investment vehicle, having executed more than 30 transactions since its inception.
About Esparity Solar
Esparity develops sustainable and economically viable solar photovoltaic projects in Spain. Our plants produce clean, renewable, storable and cost-effective energy for Spanish energy consumers. These energy solutions will provide the Spanish electricity system with greater manageability of renewable production and contribute to the stability of the electricity system, in compliance with the requirements established in the PNIEC 2021 – 2030 (Integrated National Energy and Climate Plan). Our team has developed and financed more than 4GW of solar projects worldwide.