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June 23, 2020updated 18 Aug 2020 5:04am

Enlight secures financing for Gecama wind farm in Spain

Israel-based Enlight Renewable Energy has secured project financing for the 312MW Gecama wind farm in Spain.

Israel-based Enlight Renewable Energy has secured project financing for the 312MW Gecama wind farm in Spain.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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Spanish banks Banco de Sabadell and Bankia have financed the project. Their loan will cover 50% of the total project cost, which is estimated at €320m. The senior debt will be repaid over the first 14 years from the commercial operation date.

With a 72% stake in the Gecama wind farm, Enlight will provide the project company with €115m while the remaining capital will be offered by other project partners, Phoenix and Menora Mivtachim.

Enlight Renewable Energy CEO Gilad Yaavetz said: “We would like to thank our partners in the largest wind farm project in Spain, Banco de Sabadell and Bankia , and the support received from Castilla-La Mancha district.

“We are proud that Gecama project will provide many jobs in the district and will help boost the Spanish economy in such important times.

“The project will provide clean energy to 260,000 households and prevent emissions of 150,000 tons of CO₂ per year. This project is another achievement for Enlight in a long journey just begun.”

The Gecama wind farm is slated to begin commercial operation in 2022 and generate enough clean energy to power nearly 260,000 Spanish households and offset approximately 150,000t of carbon emissions annually.

Upon completion, Enlight expects the wind farm to generate average annual revenues of €60m.

For this project, Enlight has also signed a wind turbine supply and installation agreement with Nordex , which will supply turbines with a total capacity of approximately 312MW.

Last September, Enlight Renewable Energy opened its Kovacica wind farm in Serbia along with its Serbian partner New Energy Solutions .

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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