Enlight Renewable Energy Ltd Leads Spain Renewable Energy with Largest Hybrid Project
Enlight Renewable Energy Ltd, a leading Israeli company in the renewable energy sector, has secured substantial financing for Spain’s largest hybrid renewable energy project. This ambitious initiative combines a 490 MW solar farm with a 240 MW wind farm, setting a new benchmark in the country’s clean energy landscape.
Enlight Secures €573 Million Loan to Advance Spain Renewable Energy Innovation
Enlight has successfully obtained a €573 million (USD 606.2 million) loan to realize a groundbreaking 730-MW hybrid project in Spain. Situated near Madrid, in the Castilla-La Mancha region, this project is poised to become the largest of its kind in Spain, with completion anticipated by the end of 2025.
The financing package, orchestrated by BNP Paribas SA, Crédit Agricole Corporate and Investment Bank, and Natixis, also includes collaboration from the European Investment Bank (EIB) and the Spanish Official Credit Institute (ICO). Notably, the EIB has contributed a €150 million loan to facilitate the project’s development.
Hybrid Project to Transform Spain Renewable Energy and Cut CO2 Emissions
The project promises to transform Spain’s renewable landscape by producing approximately 1.5 TWh of electricity annually. This clean energy will be supplied to major clients like Amazon, Holcim, and ArcelorMittal, aiding them in their sustainability and carbon reduction efforts.
The hybrid endeavor is expected to curtail carbon dioxide (CO2) emissions by an impressive 350,000 tonnes annually, totaling 8.75 million tonnes over its 25-year operational span. This initiative aligns seamlessly with the EU’s REPowerEU plan, which seeks to accelerate the shift towards renewable energy sources across Europe.
EIB Backs Enlight with €150 Million to Boost Spain Renewable Energy Project
In a significant boost for the project, the European Investment Bank (EIB) has extended a €150 million loan to Enlight Renewable Energy, reinforcing the development of this hybrid renewable energy project in Spain. This initiative integrates a 240 MW wind farm with a 490 MW solar power plant, creating a robust and sustainable energy solution.
The financing arrangement, totaling €573 million, was coordinated by BNP Paribas SA, Crédit Agricole Corporate and Investment Bank, and Natixis, with additional financial support from the EIB and ICO.
Enhancing Spain Renewable Energy Grid Stability and Emission Reductions
By generating approximately 1.5 TWh of clean energy each year, the hybrid project not only reduces CO2 emissions by 350,000 tonnes annually but also aims to enhance grid stability. The integration of wind and solar power ensures a more consistent electricity output, minimizing curtailment and reducing costs.
EIB Vice-President Ricardo Mourinho Félix has highlighted the project’s potential to drive innovation and efficiency in the renewable energy sector, supporting both the EU’s REPowerEU goals and Spain’s national energy and climate objectives.
Hanan Atias, Enlight’s Chief Investment Officer, emphasized the project’s contribution to Spain’s renewable energy targets and its role in delivering green energy to prominent corporations.
For further insights into Spain’s solar energy advancements, check out this Spain solar funding initiative, which underscores the country’s commitment to enhancing its renewable energy infrastructure.