Opdenergy secures US$355m for 605MW Spain PV portfolio

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

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

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

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

This is not the first time the Spanish IPP has collaborated with the Spanish bank as it enlisted the entity last year to finance a 725MWp solar portfolio.

Moreover, last month Opdenergy confirmed plans to raise up to US$210 million through an initial public offering (IPO) that would contribute to its target of reaching 3.3GW of renewables projects in operation and under construction by 2025.

The BBVA and EIB green financing is a “big step” towards reaching the objectives the IPP set out in its roadmap, said Luis Cid, CEO at Opdenergy.

Ricardo Mourinho Félix, vice-president at EIB, said: “Thanks to this transaction, Opdenergy will contribute to ensuring security of energy supply while reducing Spanish dependence on imports as well as lowering the cost of energy bills, a key aspect given the current sharp spike in electricity and gas prices.”

The European bank continues its financing of renewable projects in Spain after it signed a green loan with utility Iberdrola this month to finance up to 1.8GW of renewables and a financing loan of €100 million for 430MW of solar and wind in Portugal and Spain last February.

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