Enlight secures $310m for Gecama expansion: Advisors

Enlight Renewable Energy Ltd has secured approximately $310 million in financing to support the transformation of its 329MW Gecama wind farm into the largest hybrid power complex in Spain. The Gecama facility, currently the country’s largest operational wind farm, will incorporate a solar array and a utility-scale energy storage system, bringing the total capacity to 554MW with 220MWh of storage.

According to Enlight, the integrated hybrid complex is expected to generate around $100 million in annual revenue once fully operational. The expansion, dubbed the Gecama Hybrid Project, is projected to reach commercial operation for its solar and storage components in the second half of 2026, subject to the completion of final development milestones.

The $310 million financing package consists of two tranches: one for the refinancing of the existing wind project, and the other for the construction of the new hybrid components. Both tranches bear a fixed interest rate of approximately 5.1% and are structured to be fully amortising by 2045 and 2046, respectively.

Of the total financing, more than $150 million will be allocated to the hybrid construction, which is estimated to cost between $195 million and $205 million. The remaining portion will be funded through equity contributions after repayment of existing debt and transaction-related costs.

The financing is led by MEAG’s Infrastructure Debt Transactions team, acting as sole arranger in its role as portfolio manager of certain funds and accounts. Additional institutional co-investors are also participating in the transaction.

Advisers

DLA Piper has advised Enlight Renewable Energy, with a team led by partner Jose Marco, alongside Felipe López Sánchez and Víctor Sanjuán Mira.

Linklaters has advised MEAG, with a team led by Juan Barona and Javier Hernández, supported by Cristina Muíño Palomar, Rocío Beotas González-Sicilia, Patricia Rovira Ventín, and Ignacio Alférez Altadill.