Novasec Ltd has secured exclusive rights to raise EUR80 million (US$88.13 million) to finance the development of Gecama, a land wind farm in Spain of about 312MW.
The Gecama wind farm is the first of several projects that Novasec intends to finance through an innovative investment platform focused on achieving the investment objectives of private and small and medium-sized institutional investors.
Exclusive fundraising rights were obtained through an agreement with Enlight Renewable Energy Ltd., a world leader in renewable energy development and the owner of Gecama. The construction of Gecama is expected to begin in the first quarter of 2020 and the cost does not exceed EUR330 million (US$363.52 million). The total revenue expected during the life of the project is EUR2 billion (US$2.2 billion).
With its capacity of 312 MW, Gecama will be the largest offshore wind farm in Spain. Located in Castilla La-Mancha, the site was chosen for its high and stable wind levels and its availability of electrical connection to the network.
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