- Enlight Renewable Energy (ENLT, Financial) secured $310 million for Spain's largest hybrid renewable energy project.
- The Gecama Project will integrate 329 MW of wind, 220 MWh of battery storage, and new solar capacity.
- The expanded project expects to generate annual revenues of $95-105 million and EBITDA of $75-80 million.
Enlight Renewable Energy (NASDAQ: ENLT) has successfully secured $310 million in financing to transform its Gecama Wind Project into Spain's largest hybrid renewable energy complex. This ambitious project will integrate 329 MW of wind capacity with solar and utility-scale battery storage, achieving a total capacity of 554 MW and 220 MWh. The hybrid facility is anticipated to generate annual revenues ranging from $95 to $105 million, with an expected EBITDA of between $75 and $80 million.
The financing structure comprises two tranches with a fixed interest rate of 5.1%, set to amortize fully between 2045 and 2046. The expansion, budgeted at $195-205 million, will add solar and storage components, projected to increase annual revenues by $38-40 million and boost EBITDA by $31-33 million in the first complete year of operation.
This project aims to address Spain's recent blackout issues by providing grid stability through peak shifting and frequency response capabilities. The commercial operation date for the new components is slated for the second half of 2026.
The financing deal, arranged by MEAG, Munich Re's asset manager, underscores strong institutional confidence in Enlight's capabilities and the project's fundamentals. Enlight maintains the flexibility to sell electricity on the open market without Power Purchase Agreement (PPA) constraints, capitalizing on high electricity prices in Europe. This strategy has already allowed Enlight to recover over 50% of its equity investment in the wind project since it began operations in 2022.
