Tel Aviv-based renewable energy investment platform Novasec has partnered with Enlight Renewable Energy to raise €80 million in funding needed to develop the largest onshore wind energy farm in Spain.
Novasec will partner with the private sector investors to provide Enlight Renewable Energy with funding to develop the €330 million onshore wind farm project.
The 312MW Gecama wind energy project is expected to begin construction in the first quarter of 2020.
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The plant will be constructed in Castilla La-Mancha to take advantage of the region’s high, stable wind levels and the availability of grid connection.
The project is expected to return up to €2 billion over its lifetime.
The project is expected to contribute heavily towards helping Spain to achieve its decarbonisation goals of becoming 100% renewable energy-powered by 2050.
Michael Tishler, CEO of Novasec, said: “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.”