Israeli investment company Novasec has secured the exclusive rights to raise €80m to fund the Gecama windfarm in the Castile-La Mancha region of Spain. Novasec secured the agreement with Gecama owner Enlight Renewable Energy.
Formed of 65 turbines with a capacity of 312MW, Gecama will be the largest onshore windfarm in Spain when it is complete. Construction of the windfarm is expected to begin in the first quarter of 2020 and will cost €330m to build. Enlight says that the windfarm will produce €2bn in revenue over the course of its lifetime. Gecama will play a role in the Spanish Government’s policy of having a 100% renewable energy electricity system by 2050.
Novasec CEO 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.
“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.”
Novasec is a renewable energy investment company that uses an “end-to-end investment platform” for small and medium-sized investors to fund “low-risk, attractive” investment opportunities.
Enlight Renewable Energy
Enlight Renewable Energy is a subsidiary of the Eurocom Group and has a portfolio of 1.3GW in wind and solar projects around the world.
It is also listed on the Tel Aviv Stock Exchange, where it has a current share price of ILA417.50 ($118.54), giving the company a market capitalisation value of ILA2.79bn ($792m).