Opdenergy enlists BBVA to lead financing for 725MWp Spanish solar portfolio

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Opdenergy’s 50MW Zafra PV project in Spain’s Andalucía region. Image: Opdenergy.

Independent power producer Opdenergy has mandated BBVA as the underwriting entity for financing the development and construction of its 725MWp backlog of solar projects in Spain.

The company has chosen the Spanish bank to lead the financing of close to €500 million (US$600 million), of which €76 million will be for guarantees linked to power purchase agreements.

Spain-headquartered Opdenergy said it expects to complete the financing under a project finance structure before the summer with a group of financial entities led by BBVA, which will be the mandated lead arranger and underwriter.

The financing covers 18 solar parks grouped into nine clusters that will be developed across Spain. Approximately half the capacity will be from solar plants in the northeastern region of Aragon.

“Obtaining these funds will allow us to continue developing projects in Spain, a fact that will undoubtedly boost even more the importance of our country as a key player in the development of clean energies worldwide,” said Luis Cid, CEO of Opdenergy.

The deal follows the news earlier this month that Opdenergy is planning to launch an initial public offering to raise proceeds of €400 million (US$475 million) to help fund the development of 3.7GW of clean energy projects.

As well as Spain, the company has a pipeline of renewables projects in four other European markets (Italy, the UK, France and Poland) and three countries in the Americas (the US, Chile and Mexico).

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