Enlight to Build Spain’s Largest Hybrid Renewable Energy Project
In major Enlight Renewable Energy news, the leading Israeli renewable energy project developer has secured substantial financing for Spain’s largest hybrid project. This ambitious initiative combines a 490 MW solar farm with a 240 MW wind farm, setting a new benchmark for the country’s clean energy landscape.
Project Secures €573 Million Loan for Development
Enlight successfully obtained a €573 million (USD 606.2 million) loan to fund the groundbreaking 730-MW hybrid project. Located near Madrid in the Castilla-La Mancha region, the facility is poised to become the largest of its kind in Spain, with completion expected by the end of 2025.
The financing package was arranged by BNP Paribas SA, Crédit Agricole Corporate and Investment Bank, and Natixis, in collaboration with the European Investment Bank (EIB) and the Spanish Official Credit Institute (ICO). The EIB contributed a €150 million loan to help facilitate the project’s development.
Delivering Clean Energy and Significant CO2 Reductions
The project is set to transform Spain’s renewable landscape, producing approximately 1.5 TWh of electricity annually. This clean energy will be supplied to major clients like Amazon, Holcim, and ArcelorMittal, supporting their sustainability and carbon reduction efforts.
The hybrid project is expected to reduce carbon dioxide (CO2) emissions by an impressive 350,000 tonnes annually, totaling 8.75 million tonnes over its 25-year operational life. This initiative aligns seamlessly with the EU’s REPowerEU plan, which aims to accelerate the shift toward renewable energy sources across Europe.
Enhancing Grid Stability and Meeting Climate Goals
By integrating wind and solar power, the project enhances grid stability. This combination ensures a more consistent electricity output, minimizing potential curtailment and reducing energy costs.
EIB Vice-President Ricardo Mourinho Félix 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.