Enlight Renewable Energy has secured financing for the 312MW Gecama wind farm; largest wind farm in Spain, with two of Spain’s five biggest banks, Banco de Sabadell and Bankia, which specialize in financing renewable energy projects.
The project, scheduled to reach commercial operation in 2022, is expected to generate average annual revenues of about US $54m, provide clean energy to approximately 260,000 Spanish households and prevent emissions of approximately 150,000 tons of CO2 annually.
The senior debt, which will account for 50% of the total project cost, estimated at about US $288.5m, 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 US $103.7m, with the rest of the capital being completed by the remaining project partners, Phoenix and Menora Mivtachim. The agreement enables the project company to sell electricity on a full merchant basis.
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Project’s development and construction agreements
The company signed a wind turbine supply and installation agreement with Nordex SE, which will supply turbines with a total capacity of about 312 megawatts. In addition, the company signed a 20-year full-service agreement with Nordex, which will be responsible for sourcing and supplying of all spare parts and maintenance services.
The company has also entered an agreement with Elecnor, one of the main global corporations in development and operation of infrastructure projects. Elecnor will construct the civil and electrical infrastructure for the project