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)