Opdenergy Secures US$355M for 605MW PV Portfolio in Spain

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The funding will bring Opdenergy closer to its goal of 3.3 GW of renewable projects in operation and under construction by 2025. Image: Opdenergy.

Independent power producer (IPP) Opdenergy has signed a €350 million ($355 million) green financing agreement with Spanish bank BBVA and the European Investment Bank (EIB).

The funds received will finance a Spanish solar PV portfolio with 605 MW of installed capacity, which includes projects in the provinces of Zaragoza, Teruel, Ciudad Real and Cuenca.

The bulk of the agreement includes senior debt of nearly €301 million, a €29 million power purchase agreement (PPA) guarantee line and a €17 million line of credit to cover the debt service reserve for six months.

This isn’t the first time the Spanish IPP has worked with the Spanish bank, as they hired the company to finance a 725MWp solar portfolio last year.

Additionally, Opdenergy last month confirmed plans to raise up to $210 million through an initial public offering (IPO), which would contribute to its goal of reaching 3.3 GW of renewable energy projects in operation and under construction by 2025.

The green funding from BBVA and EIB is a “major step” towards achieving the goals set out by the IPP in its roadmap, said Luis Cid, CEO of Opdenergy.

Ricardo Mourinho Félix, EIB Vice-President, said: “Thanks to this transaction, Opdenergy will help ensure security of energy supply while reducing Spain‘s dependence on imports, as well as reducing the cost of energy bills, an important aspect given the current crisis rise of electricity and gas prices.”

The European Bank continues its financing of renewable projects in Spain, having signed a green loan with energy supplier Iberdrola this month to finance up to 1.8 GW of renewable energy and last February a €100 million financing loan for 430 MW solar and wind power in Portugal and Spain.

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