Israeli insurers to invest in Enlight's wind farm project in Spain

Enlight Renewable Energy

28/01/2020 08:18

TEL AVIV, Jan 28 (Reuters) - Israeli insurers Phoenix
Holdings  PHOE1.TA  and Menora Mivtachim Holdings  MMHD.TA  will
invest together with Enlight Renewable Energy  ENLT.TA  128
million euros ($142 million) in Spanish wind farm project
Gecama.
    The project, which is in an advanced stage of development,
will supply 300 megawatts of power, Enlight said on Tuesday.
Enlight controls 62% of the project and is investing 80 million
euros, while Phoenix holds 20% and Menora 18%.
    Two Spanish banks, Bankia  BKIA.MC  and Banco de Sabadell
 SABE.MC , have signed memorandums of understanding to provide
financing for the project, which is expected to cost between 310
and 330 million euros.
    Israel's Enlight estimated revenue from the project in its
first 18 years of operation will range between 40 million and 60
million euros annually. From years 19 to 30 the project is
expected to provide annual revenue of 62 to 80 million euros.
($1 = 0.9014 euros)

 (Reporting by Tova Cohen
Editing by Steven Scheer)
 ((tova.cohen@thomsonreuters.com; +972-9-899-0222; Reuters
Messaging: tova.cohen.thomsonreuters.com@reuters.net))