July 5, 2018 / 6:56 AM / in 2 years

Israel's Enlight agrees to buy wind energy project in Spain

TEL AVIV, July 5 (Reuters) - Israel’s Enlight Renewable Energy said on Thursday it agreed to buy the rights to a 300-megawatt wind energy project in Spain that is in advanced development.

The investment required for the Gecama project in the Castilla-La Mancha region is estimated at 310-350 million euros ($362 million-$409 million), including 20-30 million euros to buy the rights to the project and the rest for development.

The 80 turbine project could increase output to 315 megawatts if various approvals are received, Enlight said. Annual revenue from the project is expected to be 34-40 million euros in the first 10 years and 40-50 million euros after.

The project is expected to begin operations in 2021. Enlight said it is in early talks with local and international entities to receive project financing.

Renewable energy accounted for 34 percent of Spain’s electricity generation in 2017 and is expected to rise to 67 percent by 2030. ($1 = 0.8554 euros) (Reporting by Tova Cohen Editing by Steven Scheer)

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