TEL AVIV, Jan 28 (Reuters) - Israeli insurers Phoenix Holdings and Menora Mivtachim Holdings will invest together with Enlight Renewable Energy 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 and Banco de Sabadell , 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)