Enlight Secures Financing for Spain’s Gecama Hybrid Renewable Energy Project

Enlight Renewable Energy announced the signing of financing agreements totaling approximately US$ 310 million for the Hybridisation of the Gecama Project in Spain. 

Enlight plans to add a solar array and a utility-scale battery storage system to its existing Gecama wind facility, which is currently Spain’s largest wind farm with 329 MW of capacity. Once integrated, the hybrid site will reach a total capacity of 554 MW with 220 MWh of storage. Pending the completion of final development steps, the solar and storage systems are scheduled to begin commercial operation in the second half of 2026. These additions are projected to boost Gecama’s annual revenue by US$38–40 million and EBITDA by US$31–33 million during their first full year of operation. With the wind, solar, and storage components all online, the fully integrated project is expected to generate between US$95–105 million in annual revenue and US$75–80 million in EBITDA.

The financing deal, totaling around US$310 million, is structured in two parts: one to refinance the existing Gecama Wind Project and the other to fund the construction of the new Hybrid Project. Of the total debt secured, more than US$150 million will be dedicated to building the Hybrid Project, which has an estimated total cost of US$195–205 million. The remaining amount will be covered through equity contributions. The financing is being led by the MEAG Infrastructure Debt Transactions team, serving as the sole arranger on behalf of various funds and accounts it manages, with participation from additional institutional co-investors.