There are plenty of electric systems out there that will fly a 40% airplane, but the question is do you really want to spend that kind of money on a motor, speed control, batteries (you would need at least 4 minimum to provide the power and capacity), a powerful enough charger to charge all 4 of those batteries, and obviously a propeller and a spinner?
I put together a quick setup just to see what something like this would cost:
-Turngiy 150cc Rotomax Motor $417.73
-Turngiy 250a HV ESC $206.91
-Turnigy HD 7S 5000 packs $71.24, x8 to give you 2 sets of packs $569.92
-Turngiy Reactor QuadKore 1200w charger $445.20, x2 to charge both sets at the same time $445.20
-FeatherMerchant 24v69a power supply $130, x2 for both chargers $260
-Falcon 30x13 prop $130
-6" Spinner $120
Ontop of a generator that can power the charger and supplies, unless you have one already, or 110vAC. Your total here is nearly $2200, and I just threw together a quick convenience package so you can do more flying than waiting. You can of course get away with one charger, one power supply, and one set of batteries which will save you about $650 which still puts you to about $1500, but you're not going to get in as much flying.
You can find a good used 150cc or 170cc gas engine for about $800, and would only need about $150 of additional components to run it (like ignition switch, battery, servo, standoffs, tank, tubing). Ontop of that, a gas engine doesn't have power fade in flight like an electric motor does, and your flight times can stretch out as far as 15+ minutes with the right size fuel tank. It's totally possible to go electric in this size, but it's a lot more cost effective for you to go with a gas engine as it's just so much more convenient and fun once you get it dialed in (not hard to do in the slightest).