Enlight Renewable Energy, a developer of renewable energy projects, has secured around $310 million for the hybridization of the Gecama Project, located in Spain.
The funding was led by the MEAG Infrastructure Debt Transactions team, which also acted as the sole arranger in its capacity as portfolio manager of certain funds and accounts, along with additional institutional co-investors.
The funding comprises two tranches, both with a fixed interest rate of ~5.1%, and will be fully amortized by 2045 and 2046, respectively. This is said to cover the refinancing of the Gecama Wind Project and financing for the construction of the Hybrid Project.
As part of the project, Enlight will integrate a solar array and a utility-scale energy storage system at its operational Gecama wind project, which currently has a capacity of 329 MW. The integrated facility, with a total capacity of 554 MW and 220 MWh, is expected to deliver clean electricity around the clock.
“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,” said Benjamin Hemming, Head of MEAG Illiquid Assets Debt.
Subject to the completion of final development milestones, the solar and storage components of the Hybrid Project are expected to reach commercial operation in the second half of 2026.
In April, the company also secured a debt financing package that includes $773 million in construction loans for the Country Acres project, located near Sacramento, California. The project consists of 403 MW of solar power and 688 MWh of energy storage. It is expected to achieve full commercial operation during the second half of 2026.
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale solar project funding increased by 27% in Q1 2025 compared to Q1 2024.