Enlight Renewable Energy will start energising a 329MW wind farm in Spain, having received a permit to from authorities, ahead of commercial operation.
The Gecama wind farm is expected to enter into full commercialise within several weeks, while the permit to energise is for an initial output of 182MW.
Enlight holds 72% in the project through a special purpose vehicle, together with Phoenix Group (14.7%) and Menora Group (13.3%), two of Israel’s largest institutional investors.
Gecama is Enlight’s largest operational project.
In its first year of commercial operation, and based on the market futures, it is expected to generate total revenues of €74-82m and an EBITDA of €62-70m.
Enlight CEO Gilad Yavetz said: “We are proud to have reached the onset of commercial operation for Gecama, our 329 MW flagship project in Spain.
“The project, which is Spain’s largest wind farm, was completed ahead of schedule, highlighting the Company’s robust execution capabilities.
“We believe that the strategy chosen for the project three years ago to sell electricity under a merchant model is now showing its results.
“The completion of the project is a major milestone for Enlight while also contributing significantly to the Spanish economy.
“We would like to thank our partners in this project, Nordex SE, Elecnor and Typsa for their great contribution to the project.”
Enlight Renewable Energy, founded in 2008, trades on the Tel-Aviv-125 Index.
The company has operations in Europe, US and Israel with a diversified portfolio of income-generating projects, project during construction, pre-construction and with signed PPA agreements that total over 3.7GW and an additional 13.3GW in development stages.