Israeli investment firm to raise 80 mln euros for Spanish wind energy project

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Israeli investment firm to raise 80 mln euros for Spanish wind energy project

October 31, 2019 Anand Gupta

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The Gecama wind project is owned by renewables developer Enlight and is expected to start construction in the first quarter of next year and will cost up to 330 million euros

LONDON: Israeli investment firm Novasec said on Wednesday it has partnered with Enlight Renewable Energy to raise 80 million euros ($89 million) to help fund a 312 megawatt onshore wind farm in Spain.

The Gecama wind project, located in the Castilla La-Mancha region in central Spain, is owned by renewables developer Enlight and is expected to start construction in the first quarter of next year and will cost up to 330 million euros to complete.

Novasec, which finances renewable energy projects, said Gecama will be Spain’s largest onshore wind farm. The total revenue of the project will be around 2 billion euros over its lifetime. ($1 = 0.8996 euros)