TEL AVIV, Israel, June 22, 2020 /PRNewswire/ -- Enlight Renewable Energy (TASE: ENLT) announce it had completed the project financing for the 312 MW Gecama 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 EUR 60 million, 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 EUR 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 EUR 115 million, 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.
Roger Font, head of Project Finance at Banco Sabadell:
"It has been an honor and a great opportunity to work with Enlight and the other parties involved in the financing of one of the largest merchant projects in Europe. The experience and track record of Enlight has been one of the key success factors in this project as well as the characteristics of the plants which demonstrates that the wind sector is capable of competing with other technologies without any governmental subsidies."
Jörg Hahn, Head of Structure Finance, Capital Markets Bankia:
"As a leading bank in financing renewable energy projects, it is a great satisfaction for Bankia having reached an agreement with Enlight to finance the construction, commissioning and operation of one of the largest wind farms in Spain owned by its subsidiary GECAMA, which will contribute to improving the energy mix of the country"
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
Enlight advisors in the Gecama project are Clifford Chance and Cuatrecasas (legal advisory), ATI Consultants (engineering advisory), Deloitte (financial advisory), Neolas Ingenieria (development advisory) and FRC (insurance advisory).
The lender's advisors in the funding process are Watson Farley & Williams (legal advisory), DNV GL (technical advisory) and Marsh (insurance advisors).
Enlight Renewable Energy, founded in 2008, trades on the Tel-Aviv-125 Index. With 98% of its shares held by the public, Enlight is a leading company in the development, financing, construction, and operations of renewable energy generation projects. The company has operations in Israel and Europe with a diversified portfolio of income-generating projects that total over 750 megawatts. An additional 575 megawatts are in advanced stages towards construction, and 2,000 megawatts more are in initial development stages. Enlight enjoys consistent growth in revenues from long term electricity sales of its yielding assets, and in parallel increasing its diversification to additional markets and clean energy segments.
For additional information:
Neta Schoener, Scherf Communications, +972-50-7202718, firstname.lastname@example.org
SOURCE Enlight Renewable Energy