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January 28 (Renewables Now) - Israeli insurance groups Phoenix Holdings Ltd (TLV:PHOE) and Menora Mivtachim Holdings Ltd (TLV:MMHD) will invest EUR 48 million (USD 52.8m) to support the 300-MW Gecama onshore wind project their compatriot Enlight Renewable Energy Ltd (TLV:ENLT) is developing in Spain. Enlight said in a bourse filing on Tuesday that Phoenix will contribute EUR 25 million in exchange for a 20% stake in the Gecama project, while Menora will provide EUR 23 million for an 18% stake. The remaining 62% stake will be held by Enlight, which will invest EUR 80 million in the undertaking. On Sunday, Enlight informed it had signed memoranda of understanding with Spanish lenders Banco de Sabadell SA (BME:SAB) and Bankia SA (BME:BKIA) for the non-recourse project financing, which is to amount to about 40% to 50% of the Gecama project’s costs. Enlight estimates the total cost of construction will range between EUR 310 million and EUR 330 million. The Gecama wind farm will be erected in Spain’s Castile-La Mancha region. The project is currently in the advanced development stage, with several more administrative steps to go before it is ready for construction, Enlight said. The developer expects the fully running wind farm to generate between EUR 40 million and EUR 60 million in annual revenues in the first 18 years of its life-cycle. From year 19 to 30, revenues are projected to increase to EUR 62 million-EUR 80 million. |
