Enlight Renewable Energy secures financing for construction of 312MW Spanish wind farm

WCN Editorial Team 22 Jun 2020 EUROPE ENERGY & UTILITIES

Enlight Renewable Energy (Enlight), an Israeli independent renewable power producer, has secured project financing from Banco de Sabadell and Bankia for the construction of the 312MW Gecama wind farm.

The wind farm is expected to begin commercial operations in 2022, generating an average of €60m in annual revenues. The project financing will account for 50% of the total estimated cost of €320m and it is being provided by the two Spanish banks as a non-recourse loan.

The loan has to be repaid within the first 14 years of the wind farm’s commercial operations date.

When operational, the wind farm is expected to generate enough clean energy to be supplied to 260,000 Spanish households, while preventing about 150,000 tons of CO2 emissions annually.

Enlight Renewable Energy CEO Gilad Yaavetz said: "We would like to thank our partners in the largest wind farm project in Spain, Banco de Sabadell and Bankia, and the support received from Castilla-La Mancha district.

“We are proud that GECAMA project will provide many jobs in the district and will help boost the Spanish economy in such important times.”

For the wind farm, Enlight has selected German turbine-maker Nordex to supply and install its turbines. Additionally, Nordex will also provide full-services for the project under a 20-year agreement. The company will be responsible for sourcing and supplying all the spare parts and maintenance services.

Enlight has also selected Elecnor to construct the civil and electrical infrastructure for the wind farm.

The Israeli company will own 72% of ownership in the wind farm’s project company and will provide it with €115m. The remaining capital will be completed by other project partners Phoenix and Menora Mivtachim.

Banco Sabadell project finance head Roger Font said: “It has been an honour and a great opportunity to work with Enlight and the other parties involved in the financing of one of the largest merchant projects in Europe.

“The experience and track record of Enlight has been one of the key success factors in this project as well as the characteristics of the plants which demonstrates that the wind sector is capable of competing with other technologies without any governmental subsidies.”

Capital Markets Bankia structure finance head Jörg Hahn said: “As a leading bank in financing renewable energy projects, it is a great satisfaction for Bankia having reached an agreement with Enlight to finance the construction, commissioning and operation of one of the largest wind farms in Spain owned by its subsidiary GECAMA, which will contribute to improving the energy mix of the country.”

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Israeli IPP Enlight secures project financing to building Spanish wind farm. (Credit: Pixabay/Rachel Smart.)

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