Jun. 3 at 11:56 AM
$ENLT Enlight Renewable signs financing agreements totaling
$310M for energy project
Enlight Renewable Energy announced the signing of financing agreements totaling approximately
$310M for the Hybridisation of the Gecama Project in Spain. As part of the project, Enlight will integrate a solar array and utility-scale energy storage system at its operational Gecama facility. Gecama is currently the country's largest wind farm, with a capacity of 329 MW. The integrated facility, with a total capacity of 554 MW and 220 MWh, will deliver clean electricity around the clock at a competitive cost of generation, yielding high returns.
This performance is made possible by combining technologies with complementary generation profiles throughout most of the day, alongside a battery system that enables optimized use of energy resources. Once completed, the Gecama Hybrid Project is expected to become the largest renewable energy complex of its kind in Spain and to play a key role in advancing storage infrastructure in line with the Spanish national plan to combat climate change and enhance energy supply stability.
The need for such energy storage systems is particularly pressing considering the widespread blackouts Spain experienced in April. Subject to the completion of final development milestones, the solar and storage components of the Hybrid Project are expected to reach commercial operation in the second half of 2026. Their addition is expected to increase the Gecama Project's annual revenues by
$38-40M and EBITDA by
$31-33M in the first full year of operation.
With all three components in full operation, the integrated project is expected to generate annual revenues of
$95-105M and EBITDA of
$75-80M. The financing transaction of approximately
$310 million includes two tranches: covering the refinancing of the Gecama Wind Project and financing for the construction of the Hybrid Project. Both tranches bear a fixed interest rate of ~5.1% and will be fully amortizing by 2045 and 2046, respectively.
After repaying the existing debt and funding necessary reserves and transaction costs, over
$150M of the secured debt will be allocated to the construction of the Hybrid Project, with a total estimated cost of
$195-205M, while the remaining balance will be funded through equity.
