July 11 (Renewables Now) - Enlight Renewable Energy Ltd (TLV:ENLT) on Monday announced financial close for a 96-MW wind project, to be the largest in Israel, in which it is partnering with Aveeram and Dr. Eli Ben-Dov.
A loan of ILS 525 million (USD 144m/EUR 123m) has been secured from a group of lenders led by Bank Hapoalim Ltd (TLV:POLI) and including Harel Insurance Investments and Financial Services Ltd (TLV:HARL) and Phoenix Holdings Ltd (TLV:PHOE). The long-term financing will cover the period of construction and then 18 years of operation.
The wind farm project on the Golan Heights represents and investment of ILS 660 million, according to Enlight, which will provide 42% of the equity. It has been announced previously that the project has secured a tariff of ILS 0.3581 per kWh so it is estimated to bring annual revenues of ILS 100 million to ILS 110 million over its 20-year contract.
General Electric (NYSE:GE) is supplying the turbines for the wind farm, while Minrav Holdings Ltd and Nextcom Ltd will take care of the construction.
(ILS 1 = USD 0.27/EUR 0.23)