Enlight has secured financing of approximately $310m to enable it to expand its 329MW Gecama wind farm into the largest hybrid power complex in Spain.
As part of the project, Enlight will integrate a solar array and utility-scale energy storage system at the operational Gecama facility (pictured), which is currently the country’s largest wind farm.
Enlight said the integrated facility, with a total capacity of 554MW and 220MWh, is expected to generate approximately $100 million in annual revenue.
Once completed, the Gecama Hybrid Project is expected to become the largest renewable energy complex of its kind in Spain.
The need for energy storage systems is particularly pressing considering the widespread power outages Spain experienced in April 2025.
Subject to the completion of final development milestones, the solar and storage components of the hybrid project are expected to reach commercial operation in the second half of 2026.
The financing transaction of approximately $310m includes two tranches, covering the refinancing of the Gecama wind project and financing for the construction of the hybrid project. Both tranches bear a fixed interest rate of around 5.1% and will be fully amortising by 2045 and 2046, respectively.
After repaying the existing debt and funding necessary reserves and transaction costs, over $150m of the secured debt will be allocated to the construction of the hybrid project, with a total estimated cost of $195m to $205m, while the remaining balance will be funded through equity.
The financing is led by the MEAG Infrastructure Debt Transactions team, acting as sole arranger in its capacity as portfolio manager of certain funds and accounts, along with additional institutional co-investors.
Enlight chief executive Gilad Yavetz said: “With the financial close at Gecama, Enlight marks another significant milestone in its European activity, by expanding one of its core assets into Spain’s first hybrid complex of its kind.
“This move is groundbreaking on two levels – establishing the country’s largest renewable energy complex and demonstrating technological leadership through the integration of utility-scale battery storage.
“We are proud to have MEAG as the lead arranger in this transaction, and greatly value their trust, professionalism, and partnership in advancing such an ambitious and impactful project.”