The hybrid project will deliver renewable energy around the clock by combining technologies that generate electricity at different times of day with a battery system that enables optimised energy use. The storage unit will support peak shifting, storing electricity when prices are low and releasing it when demand is high, to increase 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.
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 is acting as Enlight’s exclusive financial advisor, with the financing structured as a bond issuance for institutional investors and maturities in 2045 and 2046. DLA Piper serves as legal advisor to Enlight, while Linklaters advises MEAG and the bondholders.
Coming up in the investor newsletter: the trends driving project business
Benjamin Hemming, MEAG’s Head of Illiquid Assets Debt, said: “We are thrilled to have supported Enlight in this groundbreaking project, which showcases the potential of hybrid renewable energy solutions to transform how we generate and consume energy.” MEAG is the asset manager of Munich Re. (hcn)
