Enlight Energizes Gecama, the Largest Wind Farm in Spain

Rhea-AI Summary

Enlight Renewable Energy has initiated commercial operations for Gecama, Spain's largest wind farm with a capacity of 329 MW, completed ahead of schedule. This pivotal project is expected to deliver clean power to approximately 260,000 households and reduce CO₂ emissions by 150,000 tons annually. Enlight holds a 72% interest in the project alongside the Phoenix Group and Menora Group. Revenue projections for the first year of operation range between 74-82 million Euros, with an EBITDA of 62-70 million Euros.

Positive

• Gecama project completed ahead of schedule.
• Project expected to generate revenues of approximately 74-82 million Euros in the first year.
• First-year EBITDA projected between 62-70 million Euros.
• Significant contribution to the Spanish economy.
• Clean power supply equivalent to 260,000 households.

Negative

• None.

Enlight's CEO Gilad Yavetz: "We are proud to have reached the onset of commercial operation for Gecama, our 329 MW flagship project in Spain. The project, which is Spain's largest wind farm, was completed ahead of schedule, highlighting the Company's robust execution capabilities.  We believe that the strategy chosen for the project three years ago to sell electricity under a merchant model is now showing its results. The completion of the project is a major milestone for Enlight while also contributing significantly to the Spanish economy. We would like to thank our partners in this project, Nordex SE, Elecnor and Typsa for their great contribution to the project"

TEL AVIV, Israel, June 28, 2022 /PRNewswire/ --  Enlight Renewable Energy (TASE: ENLT) reported Spain's energy authorities awarded it a permit to energize the project and start a gradual process of commercial operation.

The 329-megawatt project is expected to provide clean power equivalent to the total consumption of around 260 thousand households in Spain, saving 150 thousand tons of CO₂ emissions annually. Enlight holds 72% in the project through a special purpose vehicle, together with the Phoenix Group (14.7%), and the Menora Group (13.3%), two of Israel's largest institutional investors.

At this phase the project company received the Spanish authorities' clearance to start operating an initial output of 182 megawatts. Enlight expects to fully commercialize the entire 329 MW capacity within several weeks. 

Gecama is currently Enlight's largest operational project. In its first year of commercial operation, and based on the market futures, it is expected to generate total revenues of appx. 74-82 million Euros and an EBITDA  of 62-70 million Euros .

Enlight Renewable Energy, founded in 2008, trades on the Tel-Aviv-125 Index. With 98% of its shares held by the public, Enlight is a leading company in the development, financing, construction, and operations of renewable energy generation projects. The company has operations in Europe, US and Israel with a diversified portfolio of income-generating projects, project during construction, pre-construction and with signed PPA agreements that total over 3.7GW and an additional 13.3GW in development stages. Enlight enjoys consistent growth in revenues from long term electricity sales of its yielding assets, and in parallel increasing its diversification to additional markets and clean energy segments.

For more information, contact Zohar Dublin, Scherf Communications

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SOURCE Enlight Renewable Energy

FAQ

What is the capacity of Enlight's Gecama wind farm?

The Gecama wind farm has a capacity of 329 MW.

When did Enlight announce the commencement of Gecama's commercial operation?

Enlight announced the commercial operation of Gecama on June 28, 2022.

What are the expected annual revenues from the Gecama project?

The expected annual revenues from the Gecama project are approximately 74-82 million Euros.

How much CO2 emissions will Gecama wind farm save annually?

The Gecama wind farm is expected to save 150,000 tons of CO2 emissions each year.

Who are the key partners involved in the Gecama project?

The key partners in the Gecama project are Nordex SE, Elecnor, and Typsa.