Independent power producer (IPP) Enlight Renewable Energy is expanding its Gecama Wind Project in Castilla-La Mancha, Spain, by integrating solar PV and battery energy storage systems (BESS).
With an investment of US$310 million, the project will add a total PV capacity of 225MW alongside 220MWh of BESS. Currently, it is the country’s “largest” wind farm with a capacity of 329MW, the firm said. The project is expected to reach commercial operation in the second half of 2026.
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“With the financial close at Gecama, Enlight expands one of its core assets into Spain’s first hybrid complex of its kind,” said Gilad Yavetz, CEO of Enlight.
“Gecama Hybrid joins a lineup of mega-projects we are currently advancing as part of a broad growth plan set to unfold during 2025 across Europe, Israel, and the US.”
The financing was led by MEAG Infrastructure Debt Transactions, the asset management arm of Munich Re, as sole arranger, alongside institutional co-investors. The deal allows Enlight to sell the project’s electricity on the open market without a long-term power purchase agreement (PPA). Enlight holds about 72% of the Gecama Project through a subsidiary, with the rest owned by Israeli institutional investors.
The US$310 million financing includes two tranches: one to refinance the Gecama Wind Project and another to fund the hybrid project’s construction. Both carry a fixed interest rate of about 5.1% and will be fully amortised by 2045 and 2046, respectively.
After repaying existing debt and covering reserves and costs, over $150 million of the loan will fund the hybrid project’s construction, which is estimated to cost $195-205 million. The remaining cost will be covered through equity.
This hybridisation aims to improve grid stability after the country’s recent extended blackouts. According to the Israeli IPP, the Gecama project is one of the first in Spain to include a utility-scale battery energy storage system (BESS) to support peak shifting by storing electricity when prices are low and discharging during high-demand periods. The system will also provide critical grid services, including frequency response, and stabilise the power system through rapid charging and discharging.
Apart from Spain, the firm secured US$773 million in debt financing in January 2025, for its Country Acres solar-plus-storage project in California. The project will feature 403MW of solar PV and 688MWh of energy storage and is expected to be operational in the second half of 2026.
Additionally, Enlight financed its 290MW/940MWh Roadrunner solar-plus-storage project, located near Tucson, Arizona, known as Apache Solar II. The project is Enlight’s second largest after the Atrisco project in New Mexico, and is being financed through a loan agreement with a consortium of global banks including BNP Paribas, Crédit Agricole, Natixis CIB, and Nord/LB.
