Opdenergy closes financing for 605 MW solar projects in Spain

Opdenergy, an independent renewable energy producer, has announced the signing of a financing agreement with BBVA and the European Investment Bank for the construction and commissioning of a solar PV portfolio in Spain totaling approximately 605 MW. The facility has a tenure of between 18 and 18.5 years (including the building phase) and includes a senior debt principal amount of about €301 million, a €29 million PPA guarantee line, and a €17 million credit line facility to cover 6 months of debt service reserve account. It is part of the green financing framework that Opdenergy announced in 2021 with a Second Party Opinion by Mercados Aries. The projects funded by this project are spread across several Spanish provinces, including Zaragoza, Teruel, Ciudad Real, and Cuenca.

Through this new facility with BBVA acting as sole bookrunner, and EIB, Opdenergy demonstrates its ability to secure financings on competitive terms, backed by the support of major financial partners. With the debt raised, the company is moving closer to achieving its 2025 target of getting 3.3 GW of operational and under construction renewable energy projects.

In September 2021, Chile’s power auction saw five successful bidders winning a total of 2 GW of renewables and storage projects across the country. Opdenergy was among the successful bidders. A total of 29 companies participated in the bid, with the lowest bid priced at $13.32/MWh. This auction for 2,310 GWh of energy supply per year was closed with an average price of $23.78/MWh.

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