Kobus Renewable Energy III, the third private equity fund led by Kobus Partners, a fund management firm specializing in renewable energy and energy infrastructure, has agreed to acquire three solar projects totaling 250 MW in Spain from Esparity Solar, a solar project developer.
Financial and other terms of the acquisition were not disclosed.
The project comprises a 150 MW Cordovilla solar project located in Navarre, Salinetas, and Salinetas II with an installed capacity of 50 MW each, located in the province of Alicante.
All the projects are expected to start generating electricity from 2023, providing electricity to around 45,000 households annually.
Kobus was advised by Deloitte Legal, G-advisory, and Blue Tree Asset Management on the transaction. Esparity Solar was advised by Broseta law firm.
Pablo Guinot, a partner at Kobus Partners, said 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, but it also represents a new step in our firm commitment to the sustainable energy transition.”
“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, ” commented James Sibony, CEO at Esparity Solar.
The acquisition is a part of the fund’s strategy to acquire projects in the final stages of development, under construction or in operation, to build a portfolio of around 500 MW of assets from renewable energy sources mainly located in Spain and Portugal.
In February 2021, Kobus Partners has refinanced its entire debt portfolio for a total of €207 million (~$249.02 million) through hybrid bonds and project finance debt. The funds were used to refinance 22 operational solar PV projects with a combined installed capacity of 37.7 MW across Spain, owned by its second investment vehicle, Kobus Renewable Energy II. These projects operate under the Spanish regulatory framework with a 30-year guaranteed regulated tariff.
According to Mercom’s 9M and Q3 solar funding and M&A Report, a total of 55.5 GW of projects were acquired in 9M 2021.