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June 22 (Renewables Now) - Israel’s Enlight Renewable Energy Ltd (TLV:ENLT) has closed the financing for the 312-MW Gecama wind farm project in Spain, it said Monday.
The wind and solar projects developer secured a senior debt for 50% of the total cost of Gecama, which is estimated at EUR 320 million (USD 358.6m). The financing is structured as a non-recourse loan with Spanish lenders Banco de Sabadell SA (BME:SAB) and Bankia SA (BME:BKIA).
The senior debt will be repaid over the first 14 years following the project’s commercial operation date (COD), seen in 2022, Enlight said.
The Gecama wind farm will be erected in the Spanish region of Castile-La Mancha.
Germany’s Nordex SE (ETR:NDX1) will supply turbines for the project and maintain the wind farm for 20 years under a full-service agreement. Spanish construction engineering company Elecnor SA (BME:ENO) will build the civil and electrical infrastructure.
Once in operation, Gecama will sell its output on a full merchant basis. Enlight expects the wind farm to generate EUR 60 million in average annual revenues.
The company said it will hold 72% stake in the project company, investing in it EUR 115 million. Its project partners, Israeli insurance groups Phoenix Holdings Ltd (TLV:PHOE) and Menora Mivtachim Holdings Ltd (TLV:MMHD), will provide the rest of the capital.
(EUR 1.0 = USD 1.121)