The hybrid project will deliver renewable energy around the clock by combining technologies that generate electricity at different times of day with a battery storage system that enables optimised use of energy resources. The storage system will support peak shifting – storing electricity when prices are low and discharging during periods of high demand – thereby enhancing the project’s profitability. It will also provide essential grid services, such as frequency response, helping to stabilise the power system through rapid charge and discharge capabilities.
Market for hybrid power plants in Europe still in the starting blocks
MEAG is providing total financing of around €300 million for the project. Developed by Enlight, it will have a combined capacity of 554 MW and 220 MWh, making it Spain’s largest hybrid renewable energy complex. BNPP acts as Enlight’s exclusive financial advisor and the financing is structured as a bond issuance for institutional investors, with maturity dates in 2045 and 2046. DLA Piper acts as legal advisor to Enlight and Linklaters as legal adviser to MEAG and the bondholders.
Coming up in the investor newsletter: the trends driving project business
Benjamin Hemming, MEAG’s Head of Illiquid Assets Debt: “We are thrilled to have supported Enlight in this groundbreaking project, which showcases the potential for hybrid renewable energy solutions to transform the way we generate and consume energy.” MEAG is the asset manager of Munich Re. (hcn)
