Enlight Secures Over $2.3 Billion to Lead Global Expansion of Hybrid Renewable Projects – EQ
In Short : Enlight Renewable Energy secured $310 million to finance Spain’s largest hybrid renewable project, combining wind, solar, and 220 MWh of battery storage. The merchant-based Gecama facility follows Enlight’s $550 million financing for Arizona’s Roadrunner project. With $1.5 billion raised across three U.S. projects, Enlight is expanding globally, signaling rising investor confidence in large-scale hybrid clean energy solutions.
In Detail : Enlight Renewable Energy has secured $310 million in financing for its Gecama hybrid renewable energy project in Spain. This project is the country’s largest hybrid installation, integrating wind, solar, and a 220 MWh battery energy storage system. The financing was arranged in two tranches by MEAG, the asset management arm of Munich Re.
The project’s total cost is estimated between $195 million and $205 million, with over $150 million allocated as construction debt and the remainder funded through equity. The structure includes a fixed interest rate of approximately 5.1%, with amortization extending through 2045–46. The financing will also cover repayment of existing debt tied to the wind phase.
Gecama operates on a merchant model, selling electricity directly to the market without long-term power purchase agreements. Enlight has already recovered more than half of its equity investment from the original wind portion, commissioned in 2022. The addition of solar and storage marks a significant evolution in the project’s scope.
In the United States, Enlight recently secured $550 million in project debt for the Roadrunner project in Arizona. This development includes 200 MW of solar capacity and 940 MWh of storage and is expected to begin commercial operation by the end of 2025. The project further strengthens Enlight’s foothold in North America.
In addition to Roadrunner, Enlight also reached financial close on two more U.S. hybrid projects—Country Acres and Quail Ranch. Country Acres combines 403 MW of solar with 688 MWh of storage and secured $773 million, while Quail Ranch includes 128 MW of solar and 400 MWh of storage, backed by $243 million in financing.
Altogether, Enlight has raised over $2.3 billion globally for its hybrid renewable projects. These developments highlight a growing investor appetite for large-scale, merchant-based clean energy assets and demonstrate Enlight’s strategic expansion into integrated solar, wind, and battery storage markets across Europe and North America.
