Israeli investor Novasec has secured the exclusive rights to raise €80m to fund the development of the 312MW Gecama wind farm in the Castilla La-Mancha region of Spain.
Gecama is the first of several projects Novasec is setting out to fund using an investment platform focused on achieving the objectives of qualified private and small-to-medium institutional investors.
The exclusive fundraising rights were secured through an agreement with Enlight Renewable Energy, the owner of Gecama.
Construction of the project is slated to start in the first quarter of 2020 and is expected to cost up to €330m to complete.
The total revenue over the lifetime of the project is about €2bn, Novasec said.
Novasec chief executive and co-founder Michael Tishler said: “Gecama provides a unique market opportunity for investors and we are thrilled to be working with Enlight on our first venture together.
“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.”
Novasec has developed an end-to-end platform for financing renewable energy projects through regulated private placements for qualified investors, with Novasec managing the entire investment process.
The platform also offers investors the option to register their investments as digital securities, giving them more flexibility and liquidity.