Phoenix Holdings Ltd and Menora Mivtachim Holdings Ltd are set to invest in the 300 MW Gecama onshore wind project in exchange for individual equity stakes in the facility.
Phoenix Holdings will hold a 20% stake in the Gecama project for the EUR25 million (US$27.52 million) while Menora Mivtachim Holdings will acquire an 18% stake in exchange for EUR23 million (US$25.3 million) investment. Enlight Renewable Energy, the main developer of the project, will hold a 62% stake in the project for an EUR80 million (US$88.1 million) investment.
Enlight has signed a memorandum of understanding with Spanish lenders Banco de Sabadell SA and Bankia SA for the non-recourse project financing of about 50% for the wind farm. The total investment for the planned project is around EUR330 million (US$363.2 million).
The project will be developed in Castilla La-Mancha, Spain.
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