The fundraising rights have been secured through an agreement with Enlight Renewable Energy, the owner of Gecama
Image: Novasec raised $88.9m fund to develop Gecama in Spain. Photo: courtesy of makunin from Pixabay.
Israel-based renewable energy investment platform Novasec has secured rights to raise €80m ($88.9m) for the development of 312MW Gecama onshore wind farm in Spain.
The fundraising rights have been secured through an agreement with Enlight Renewable Energy, the owner of Gecama.
The Gecama wind project is located in the Castilla La-Mancha region in Spain and is scheduled to see the start of construction in the first quarter of 2020. The wind farm will be construction with an investment of €330m ($366.9m).
Novasec said that the site where the wind farm will come up has been selected based on high, stable wind levels and the availability of grid connection.
Expected to be one of Spain’s largest onshore wind farms in Spain, the Gecama wind farm is estimated to record total revenue of €2bn ($2.2bn) over its lifetime.
Novasec CEO and co-founder Michael Tishler said: “Gecama provides a unique market opportunity for investors and we are thrilled to be working with Enlight on our first venture together.
“At Novasec, we pride ourselves on sourcing high-quality wind and solar projects, performing extensive due diligence and finding the right deal structure for each fundraising we undertake.
“We selected Gecama as our first effort because it meets all of our key criteria and we are excited to bring this highly attractive opportunity to investors on our platform.”
Gecama wind project to be funded using investment platform developed by Novasec
Novasec will fund the Gecama wind project through its investment platform designed to meet the investment objectives of private and small-to-medium institutional investors.
In August, the company launched its new investment platform to connect investors with the opportunities in the renewable energy sector.
The new decarbonisation policy of Spain is targeted at achieving a 100% renewable energy electricity system by 2050.
Novasec stated: “Given these ambitious goals and the concrete actions Spain has already taken to promote green energy, the country’s renewable sector is an ideal opportunity for investing with impact.”