July 8 (Renewables Now) - Enlight Renewable Energy Ltd (TLV:ENLT) has signed non-binding agreements with a lending consortium led by Israel’s Bank Hapoalim (TLV:POLI) to get financing for 220 MW of wind projects in Israel.
The total financing that will be extended for the Genesis Wind park on the Israeli-controlled Golan Heights and the Yatir project in southern Israel will be ILS 1.1 billion (USD 307.8m/EUR 274.2m), Enlight said in a statement on the Tel Aviv bourse last week. The non-recourse debt will amount to 80%-85% of each project’s overall cost and will have a term of over 21 years.
The Israel-based developer will need to invest ILS 1.3 billion to implement the two schemes, both of which are currently in advanced stages of development. Enlight, however, is still awaiting regulatory clearance for the projects, including from the Ministry of Defense.
The signing of binding financing contracts is subject to the completion of due diligence processes by Hapoalim Bank and the receipt of approvals for each project.
(ILS 1.0 = USD 0.280/EUR 0.249)