Opdenergy secures €128 million financing for 216MW of Spanish PV

Three of the projects will be located in Badajoz and will have a cumulative capacity of 131MW, while the other two in Zamora, with 85MW of solar PV between the two projects. Image: Opdenergy.

Spanish independent power producer (IPP) Opdenergy has secured €128 million (US$143 million) to finance 216MW of solar PV in Spain.

The financing has been signed with Spanish bank entity Banco Santander for the development and commissioning of five solar plants, three of which are located in the sunny hotbed of Badajoz, Extremadura – the region is home to Europe’s current largest solar PV plant – and that will be financed with €72.7 million for a cumulative capacity of 131MW.

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The other two solar projects will be located in centre-west Zamora, Castilla and Leon, and will have an installed capacity of 56MW and 29MW each, while financing of these projects will be €55.3 million.

All five projects are currently under construction and have all secured long-term power purchase agreements (PPAs) with undisclosed entities.

Luis Cid, CEO of Opdenergy, said: “The financing of these projects supports the solidity of our business model and allows us to continue growing and developing our strategic plan according to schedule.”

Moreover, the Spanish IPP has a portfolio of 1.9GW of assets in operation and under construction across several markets in Europe, the US and Latin America, while it has an additional portfolio of projects with nearly 12.7GW capacity in different stages of development.

Last month the company received a €866 million buyout from private equity firm Antin Infrastructure Partners to acquire the entirety of the shares of the IPP.

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