BBVA leads the financing of 725 MWp of Opdenergy’s solar projects


April 20 (Renewables Now) – Spanish renewable energy company Opdenergy Holding SA has selected lender Banco Bilbao Vizcaya Argentaria SA (BME: BBVA) to lead the financing of the development of 725 MWp solar projects in its home country.

With BBVA at the wheel as lead arranger and underwriter, Opdenergy expects long-term project financing of almost EUR 500 million (USD 602.3 million). Of this amount, EUR 76 million will be allocated to guarantees related to power purchase agreements (PPAs), while up to EUR 20 million will be allocated to guarantees related to the reserve accounts, the company said.

The hope is to finalize the funding with a group of lenders before summer.

Opdenergy would use the money to fund its delinquent projects – specifically the development and construction of 18 solar parks grouped into nine clusters in several regions of Spain.

You can find an overview of these projects in the following table:

Projects Total capacity Provinces
La Estacion 37.5 MWp Teruel
Los Arcos, Los Cartujos Complex, Montetorrero Complex and Centrovia Complex 325 MWp Zaragoza
Manzanares 1st 37 MWp Ciudad Real
Minglanilla complex 150 MWp Cuenca
Las Mulas and Las Capillas 75.4 MWp Zamora
Gazules 1 and 2 100 MWp Cadiz

Funding is subject to general conditions such as satisfactory due diligence, final approval by internal committees and the absence of material adverse changes.

(EUR 1.0 = USD 1.199)


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