Israeli energy company Enlight has secured approximately $310 million in financing to expand its existing Gecama wind farm in Spain into what is projected to become the country’s largest hybrid renewable energy complex.
The funding will support the integration of a solar array and a utility-scale energy storage system into the operational 329MW Gecama wind facility, which is currently the largest wind farm in Spain. Once completed, the hybrid complex will have a combined capacity of 554MW and 220MWh of storage.
“With the financial close at Gecama, Enlight marks another significant milestone in its European activity, by expanding one of its core assets into Spain’s first hybrid complex of its kind,” said Enlight CEO Gilad Yavetz. “This move is groundbreaking on two levels – establishing the country’s largest renewable energy complex and demonstrating technological leadership through the integration of utility-scale battery storage.”
The hybrid project is expected to generate approximately $100 million in annual revenue, according to Enlight. The solar and storage components are slated to reach commercial operation in the second half of 2026, subject to the completion of final development milestones.
The financing deal includes two fixed-rate tranches at approximately 5.1%, covering both the refinancing of the wind farm and the construction of the hybrid elements. The loans will be fully amortising by 2045 and 2046, respectively.
More than $150 million of the total financing will be allocated to the construction of the new components, which are expected to cost between $195 million and $205 million. The remainder will be covered through equity contributions.
The transaction was led by MEAG’s Infrastructure Debt Transactions team, acting as sole arranger and portfolio manager on behalf of selected funds and institutional co-investors.
The project comes amid growing attention to grid reliability in Spain, following widespread power outages in April 2025, which have highlighted the role of storage in stabilising renewable energy supply.
