Enlight Secures $310M for Gecama Expansion
Deal News | Jun 09, 2025 | Iberian Lawyer
Enlight Renewable Energy Ltd has successfully secured $310 million in financing to expand its 329MW Gecama wind farm into Spain's largest hybrid power complex. This project will integrate a solar array and a utility-scale energy storage system, increasing the total capacity to 554MW, with 220MWh of storage. The hybrid complex aims to generate $100 million of annual revenue when fully operational. Scheduled for commercial operations in the second half of 2026, the expansion is contingent on completing final development milestones. The financing comprises two tranches: refinancing the existing wind project and constructing new hybrid components, with fixed interest rates around 5.1%, amortizing by 2045-2046. MEAG's Infrastructure Debt Transactions team leads the financing as sole arranger, with additional institutional co-investors. More than $150 million from the financing will cover hybrid construction costs, estimated between $195-205 million, with the balance funded through equity contributions.
Sectors
- Renewable Energy
- Infrastructure Financing
Geography
- Spain – The Gecama wind farm, the focus of the expansion and financing, is located in Spain.
Industry
- Renewable Energy – The article discusses a significant expansion in renewable energy with the development of a wind, solar, and energy storage hybrid complex by Enlight Renewable Energy.
- Infrastructure Financing – The article involves a large-scale financial transaction to fund infrastructure projects within the renewable energy sector.
Financials
- $310 million – The total secured financing for the Gecama expansion project.
- 5.1% – The fixed interest rate for both tranches of the financing package.
- $100 million – Estimated annual revenue from the Gecama hybrid power complex once operational.
- 554MW – The total capacity of the Gecama hybrid power complex including the new components.
- 220MWh – The energy storage capacity of the Gecama hybrid power complex.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Enlight Renewable Energy Ltd | Target or Project Developer | Company | A renewable energy company responsible for the development and expansion of the Gecama wind farm into a hybrid power complex. |
| MEAG | Financing Arranger | Company | MEAG's Infrastructure Debt Transactions team is leading the financing as the sole arranger for the Gecama expansion project. |
| Institutional Co-Investors | Co-Investors | Company | Additional institutional investors participating in the $310 million financing transaction. |