Enlight Renewable Power has signed financing agreements totalling $310m for the hybridisation of the Gecama venture in Spain.
The venture will combine a photo voltaic array and utility-scale power storage system with the prevailing Gecama facility, Spain’s largest wind farm, which has a capability of 329MW.
The built-in facility, with a complete capability of 554MW and 220 megawatt hours, goals to ship clear electrical energy across the clock at a aggressive price of era, yielding excessive returns.
The Gecama hybrid venture will probably be Spain’s largest renewable power advanced of its sort and contribute considerably to the nation’s storage infrastructure, aligning with the nationwide plan to fight local weather change and improve power provide stability.
The event is well timed, contemplating the widespread energy blackouts Spain skilled in April 2025.
The battery system will assist peak shifting and supply important grid providers, reminiscent of frequency response, to assist stabilise the ability system.
Enlight CEO Gilad Yavetz said: “With the monetary shut at Gecama, Enlight marks one other important milestone in its European exercise, by increasing considered one of its core property into Spain’s first hybrid advanced of its sort. This transfer is groundbreaking on two ranges – establishing the nation’s largest renewable power advanced and demonstrating technological management via the mixing of utility-scale battery storage.
“The venture displays our ‘Join & Increase’ technique – maximising the potential of present interconnection infrastructure to scale initiatives – lowering funding prices, minimising threat, reducing the levelised price of electrical energy and optimising monetary returns.”
The photo voltaic and storage parts are anticipated to succeed in industrial operation within the second half of 2026.
Their addition may enhance the Gecama venture’s annual revenues by between $38 and $40m and earnings earlier than curiosity, taxation, depreciation and amortisation (EBITDA) by $31 to $33m within the first full 12 months of operation. With all three parts, the built-in venture may generate annual revenues of $95 to $105m and EBITDA of $75 to $80m.
The financing is available in two tranches: the primary for refinancing the Gecama wind venture and the second for setting up the hybrid venture, each bearing a set rate of interest of 5.1% and absolutely amortising by 2045 and 2046 respectively.
After repaying present debt, funding reserves and transaction prices, greater than $150m will probably be allotted to the hybrid venture’s building, with complete estimated prices of between $195 and $205m, whereas the steadiness will probably be funded via fairness.
