Enlight Renewable Energy (Israel) has completed the project financing for the 312MW Gecama wind farm in Spain with two of Spanish banks, Banco de Sabadell and Bankia. The project is scheduled to reach commercial operation in 2022.
The senior debt, which will account for 50% of the total project cost, estimated at € 320 million, is provided to the project company as a non-recourse loan. The senior debt will be repaid over the first 14 years as of commercial operation date. Enlight will hold 72% ownership of the project company and will provide the project company with € 115 million, with the rest of the capital being completed by the remaining project partners, Phoenix and Menora Mivtachim. The company signed a wind turbine supply and installation agreement with Nordex, which will supply turbines with a total capacity of about 312MW. In addition, the company signed a 20-year full-service agreement with Nordex. The company has also entered an agreement with Elecnor which will construct the civil and electrical infrastructure for the project.