Enlight signs up for 312 MW Spanish finance

23 June 2020

Enlight Renewable Energy has secured the finance for the 312 MW Gecama wind farm in Spain.

The Israeli firm has signed a deal with Banco de Sabadell and Bankia to finance the €320 million project, which will be the largest onshore wind farm in Spain and which is due to reach commercial operation in 2022. Enlight said that the banks are providing senior debt for the project as a non-recourse loan. Debt will amount to around half of the total project cost and will be repaid over the first 14 years as of commercial operation date.

Enlight will hold 72 per cent 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 wind farm will operate on a purely merchant basis, Enlight said. It will be equipped with Nordex wind turbines, with the German manufacturer also providing servicing for 20 years. Elecnor will construct the civil and electrical infrastructure for the wind farm. Legal advice to Enlight was provided by Clifford Chance and Cuatrecasas, while ATI Consultants delivered engineering advice and Deloitte financial advice.

Neolas Ingenieria was the development advisory and FRC insurance advisory to the developer. The lender's advisors in the funding process were Watson Farley & Williams (legal), DNV GL (technical) and Marsh (insurance).

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