Israeli Insurers Phoenix and Menora Invest 48 Million Euros in Enlight’s Spanish Wind Turbine Project

Israeli insurers Phoenix Holdings Ltd. and Menora Mivtachim Holdings Ltd. will invest 48 million Euros in Enlight Renewable Energy Ltd.’s Spanish wind turbine farm, according to a Tuesday filing the latter made to the Tel Aviv Stock Exchange. Phoenix will invest 25 million euros for a 20% stake in the project, while Menora will invest 23 million euros for 18%. Enlight will keep 62%.

In 2018, Enlight agreed to buy the rights to develop a wind turbine farm in the Castilla-La Mancha region of Spain. The Gecama project, currently in advanced development stages, is expected to supply 300-megawatts of electricity. Earlier this week, Enlight announced it signed a memorandum of understanding to fund the project with two of Spain’s largest banks, Bankia and Banco de Sabadell, both of which specialize in funding renewable energy projects. The banks will provide Enlight with non-recourse project financing of 40%-50% of the total estimated project costs, which stand at between 310 million euros and 330 million euros.

Enlight estimates that annual revenues in the first 18 years of the farm’s operation will range between 40 million euros and 60 million euros, before rising to between 62 million euros and 80 million euros.

Founded in 2008, Israel-based Enlight has a market capitalization of NIS 3.8 billion ($1.09 billion).