Israeli Novasec to raise funds for Enlight's wind project in Spain

Wind farm in Spain. Author: Iker Merodio. License: Creative Commons, Attribution-NoDerivs 2.0 Generic

October 31 (Renewables Now) - Tel Aviv-based investment platform Novasec Ltd has secured the exclusive rights to raise funds for the development of the 312-MW Gecama onshore wind farm in Spain through an agreement with the project owner Enlight Renewable Energy Ltd (TLV:ENLT).

Novasec is to raise EUR 80 million (USD 89.3m) by hosting a private offering for qualified investors on its end-to-end platform for financing renewable energy projects, according to a press release on Wednesday.

Novasec said that, once online, the Gecama wind farm is expected to generate EUR 2 billion in revenues over its lifetime. The project cost is estimated to reach up to EUR 330 million.

Gecama will be erected in Spain’s Castile-La Mancha region, in an area selected for high and stable winds and available grid connections.

Enlight is expected to begin construction in the first quarter of 2020.

(EUR 1.0 = USD 1.116)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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