Israel-based Enlight Renewable gets Financing for 189 MW Wind Project

Israel-based Enlight Renewable Energy has secured financing for its 189 MW (59 turbines) wind farm project in the Israeli-controlled Golan Heights

Israel-based builder and operator of wind and solar energy projects – Enlight Renewable Energy has announced that it has secured financing for its 189 MW (39 turbines) wind farm project in the Israeli-controlled Golan Heights. The work on the development of the full project is estimated to cost 1.25 billion shekels (USD 366 million).

A consortium of banks and financial institutions led by Bank Hapoalim will provide 1.05 billion shekels in non-recourse project financing and the remainder will be funded by Enlight and its partner.

When complete, the wind farm will provide electricity to 60,000 households in northern Israel and is expected to generate revenue of 140-160 million shekels annually for 20 years.

The company said it has secured building approvals for the project and construction will begin upon receiving approval from state-owned utility Israel Electric Corp. It will take 24-36 months to complete the project, according to the developer.

Enlight has also signed an agreement with GE Renewable Energy to supply the turbines and provide maintenance for 20 years.

In April, we had reported that RWE Renewables had completed the successful tax equity financing of its 151-megawatt (MW) Peyton Creek wind farm in Matagorda County, Texas. A subsidiary of Bank of America provided tax equity financing for the Peyton Creek project. The project achieved commercial operation and closing of tax equity in the first quarter of 2020.

The Peyton Creek wind farm is equipped with 48 Nordex 3.15MW turbines. The project can produce enough electricity to power more than 45,000 homes. With the Peyton Creek wind farm becoming operational, RWE’s total installed operating wind generating capacity in the US is more than 4,000 MW (RWE’s pro rata share is about 3,400 MW).

Around the same time, US-based independent renewable energy power producer Leeward Renewable Energy had announced that it had completed USD 162.9 million financings for its 170 MW Mountain Breeze wind farm in Colorado. Mountain Breeze wind farm, which utilizes GE’s 2.3 and 2.82 wind turbine generators, and installs 62 machines at the site, is expected to be completed in December 2020.