Enlight Renewable Energy, a leading renewable energy platform, has announced the signing of financing agreements totaling approximately $310 million for the hybridization of the Gecama Project in Spain. As part of the project, Enlight will integrate a solar array and utility-scale energy storage system at its operational Gecama facility. Gecama is currently the country’s largest wind farm, with a capacity of 329 MW.
The integrated facility, with a total capacity of 554 MW and 220 MWh, will deliver clean electricity around the clock at a competitive cost of generation, yielding high returns. This performance is made possible by combining technologies with complementary generation profiles throughout most of the day, alongside a battery system that enables optimized use of energy resources.
Once completed, the Gecama Hybrid Project is expected to become the largest renewable energy complex of its kind in Spain and to play a key role in advancing storage infrastructure in line with the Spanish national plan to combat climate change and enhance energy supply stability. The need for such energy storage systems is particularly pressing considering the widespread blackouts Spain experienced in April 2025.
Enlight is among the first to deploy utility-scale battery storage at this scale in Spain. The battery system will also support peak shifting – storing electricity when prices are low and discharging during high-demand periods—thereby increasing the project’s profitability. Additionally, it will provide essential grid services such as frequency response, helping stabilize the power system through rapid charge and discharge capabilities.
Subject to the completion of final development milestones, the solar and storage components of the Hybrid Project are expected to reach commercial operation (COD) in the second half of 2026. Their addition is expected to increase the Gecama Project’s annual revenues by $38–40 million and EBITDA by $31–33 million in the first full year of operation. With all three components in full operation, the integrated project is expected to generate annual revenues of $95–105 million and EBITDA of $75–80 million.
The financing transaction of approximately $310 million 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 ~5.1% and will be fully amortizing by 2045 and 2046, respectively.
After repaying the existing debt and funding necessary reserves and transaction costs, over $150 million of the secured debt will be allocated to the construction of the Hybrid Project, with a total estimated cost of $195–205 million, 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. MEAG is the asset management arm of Munich Re, one of the world’s leading providers of reinsurance, primary insurance, and insurance-related risk solutions.
The financing is structured on a merchant basis, which grants the company full discretion to sell the project’s entire electricity output on the open market without a long-term Power Purchase Agreement (PPA). This approach reflects the high level of confidence in Enlight’s management capabilities and the economic potential of the Gecama site.
This model, combined with elevated electricity prices in Europe, has enabled Enlight to generate high returns and recover more than 50% of its equity investment in the wind project within a relatively short period since the facility’s commercial operation in 2022.
“We are thrilled to have supported Enlight in this groundbreaking project, which showcases the potential for hybrid renewable energy solutions to transform the way we generate and consume energy. The Gecama Hybridization Project is a testament to the innovative spirit of our partners and the growing demand for sustainable energy solutions. We are proud to have worked alongside Enlight and other stakeholders to bring this project to life, and we look forward to seeing its impact on Spain’s energy landscape.”
– Benjamin Hemming, Head of MEAG Illiquid Assets.
“The Gecama Hybridization Project is a perfect example of the power of collaboration and innovative financing solutions in driving the transition to a low-carbon economy. We would like to extend our appreciation to Enlight for their vision and leadership in developing this project and to our deal team for their tireless efforts in bringing this complex transaction to a successful close. As a debt provider, we are committed to supporting projects that make a positive impact on the environment and the communities they serve, and we believe that the Gecama Hybridization Project will be a landmark example of this commitment in action.”
– Isil Tanriverdi Versmissen, Head of MEAG Infrastructure.
“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.”
“The project reflects our Connect & Expand strategy—maximizing the potential of existing interconnection infrastructure to scale projects—reducing investment costs, minimizing risk, lowering the levelized cost of electricity, and optimizing financial returns. Gecama Hybrid joins a lineup of mega-projects we are currently advancing as part of a broad growth plan set to unfold during 2025 across Europe, Israel, and the U.S. 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.”
– Gilad Yavetz, CEO of Enlight.
Enlight was supported by reputable advisors in the transaction. BNP Paribas acted as the sole financial advisor, and DLA Piper acted as the legal advisor in the transaction.
MEAG was supported by Linklaters acting as the lenders’ legal advisor and by G-Advisory and Hartford Steam Boiler acting as technical advisors to the lenders
*Enlight indirectly holds approximately 72% of the Gecama Project through its subsidiary, with the remaining interest held by several Israeli institutional investors.
