Enlight Renewable Energy has finalized $310 million in financing agreements to expand and hybridise the Gecama project in Spain, transforming the country’s largest wind farm into a comprehensive renewable energy complex.

The upgraded facility will combine the existing 329-megawatt wind farm with a new solar power array and a utility-scale energy storage system, resulting in a total capacity of 554 megawatts and 220 megawatt-hours of storage. The goal is to deliver clean energy around the clock at a competitive cost while improving system reliability and financial returns.

This development positions the Gecama hybrid project as the largest of its kind in Spain, strengthening the nation's renewable energy infrastructure and aligning with national strategies to combat climate change and improve grid resilience. The project is particularly timely, following widespread power outages across Spain in April 2025.

The integrated battery system will support grid stability by enabling peak load shifting and offering essential services such as frequency response.

Enlight CEO Gilad Yavetz highlighted the strategic importance of the project, noting: “With the financial close at Gecama, Enlight marks another significant milestone in its European activity. This move is groundbreaking on two levels – establishing Spain’s largest renewable energy complex and showcasing technological leadership through utility-scale battery integration.”

He added that the project exemplifies Enlight’s "Connect & Expand" strategy, which focuses on maximizing the use of existing infrastructure to reduce costs, lower risk, and increase financial efficiency.

The solar and battery storage systems are expected to become operational in the second half of 2026. Once fully active, the combined facility is projected to generate annual revenues between $95 and $105 million, with expected EBITDA ranging from $75 to $80 million. The solar and storage additions alone could contribute an extra $38 to $40 million in revenue and $31 to $33 million in EBITDA in the first full year.

The financing includes two fixed-rate tranches at 5.1%. One tranche will refinance the existing wind project, while the other supports the construction of the hybrid expansion. Both loans are structured to fully amortize by 2045 and 2046 respectively.

More than $150 million of the financing will be used to construct the hybrid facility, with total construction costs estimated between $195 and $205 million. The remaining funds will come from equity investment.

MEAG, the asset management arm of Munich Re, led the financing through its infrastructure debt transactions team and served as the sole arranger and portfolio manager. Institutional co-investors also participated in the deal. BNP Paribas acted as Enlight’s financial advisor, while DLA Piper provided legal counsel. MEAG received advisory support from Linklaters, G-Advisory, and Hartford Steam Boiler.

Enlight retains a 72% stake in the Gecama project through its subsidiary, with the remaining share held by Israeli institutional investors.

This milestone follows Enlight’s recent financial close for the Quail Ranch project in New Mexico, where $243 million in construction loans were secured through Clenera Holdings, the company’s US-based subsidiary.