Workflow
Enlight Secures Financing for Spain's Largest Hybrid Renewable Energy Project
ENLTEnlight Renewable Energy .(ENLT) GlobeNewswire News Room·2025-06-03 11:45

Core Viewpoint - Enlight Renewable Energy has secured approximately 310millioninfinancingfortheHybridisationoftheGecamaProjectinSpain,whichwillintegratesolarandenergystoragesystemsatthecountry′slargestwindfarm[1][6][11]FinancingDetails−Thefinancingconsistsoftwotranches:oneforrefinancingtheGecamaWindProjectandanotherfortheconstructionoftheHybridProject,bothwithafixedinterestrateofapproximately5.1310 million in financing for the Hybridisation of the Gecama Project in Spain, which will integrate solar and energy storage systems at the country's largest wind farm [1][6][11] Financing Details - The financing consists of two tranches: one for refinancing the Gecama Wind Project and another for the construction of the Hybrid Project, both with a fixed interest rate of approximately 5.1% [6][9] - Over 150 million of the secured debt will be allocated to the construction of the Hybrid Project, which has an estimated total cost of 195–205million[7][8]ProjectOverview−TheGecamaHybridProjectwillhaveatotalcapacityof554MWand220MWh,providingcleanelectricitycontinuouslyatacompetitivegenerationcost[2][11]−Onceoperational,theprojectisexpectedtogenerateannualrevenuesof195–205 million [7][8] Project Overview - The Gecama Hybrid Project will have a total capacity of 554 MW and 220 MWh, providing clean electricity continuously at a competitive generation cost [2][11] - Once operational, the project is expected to generate annual revenues of 95–105 million and EBITDA of 75–80million[5][11]StrategicImportance−TheprojectaimstoenhanceSpain′senergystorageinfrastructure,addressingthepressingneedforsuchsystemsfollowingrecentblackouts[3][11]−Enlightisamongthefirsttodeployutility−scalebatterystorageatthisscaleinSpain,whichwillsupportpeakshiftingandprovideessentialgridservices[4][11]OperationalTimeline−Thesolarandstoragecomponentsareexpectedtoreachcommercialoperationinthesecondhalfof2026,withanticipatedannualrevenueincreasesof75–80 million [5][11] Strategic Importance - The project aims to enhance Spain's energy storage infrastructure, addressing the pressing need for such systems following recent blackouts [3][11] - Enlight is among the first to deploy utility-scale battery storage at this scale in Spain, which will support peak shifting and provide essential grid services [4][11] Operational Timeline - The solar and storage components are expected to reach commercial operation in the second half of 2026, with anticipated annual revenue increases of 38–40 million and EBITDA of $31–33 million in the first full year [5][11] Market Context - The financing is structured on a merchant basis, allowing the company to sell the project's electricity output on the open market without a long-term Power Purchase Agreement, reflecting confidence in Enlight's management and the economic potential of the Gecama site [9][10]