The wind farm project has been financed by Banco de Sabadell and Bankia banks. Credit: Zbynek Burival on Unsplash.

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

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.

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“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.