Novasec has secured the exclusive rights to raise €80 million ($89 million) to fund the development of Gecama, a 312-megawatt onshore wind farm in Spain.
The exclusive fundraising rights were secured through an agreement with Enlight Renewable Energy, a publicly traded renewable energy development company on the Tel Aviv Stock Exchange and the owner of Gecama.
Gecama is projected to start construction in Q1 2020 and is expected to cost up to €330 million ($366 million) to complete. The total expected revenue over the lifetime of the project is €2 billion ($2.2 billion).
With its 312-megawatt capacity, Gecama will be Spain’s largest onshore wind farm. Located in Castilla La-Mancha, the development site was chosen for its high, stable wind levels and the availability of grid connection. Spain’s new decarbonization policy targets a 100 percent renewable energy electricity system by 2050 and a ban on new oil and gas exploration.
Gecama is the first
