Opdenergy inks financing for 605 MW of solar projects in Spain
Spanish renewables developer Opdenergy Holding (BME:OPDE) on Friday said that it has secured the financing it needed to build and commission some 605 MW of solar PV projects in Spain.
Opdenergy, which announced this financing as it was gearing up for an initial public offering (IPO) last week, closed the agreement with Spanish lender BBVA (BME:BBVA) and the European Investment Bank, obtaining a EUR-301-million (USD 306.7m) senior debt, a EUR-29-million power purchase agreement (PPA) guarantee line and a EUR-17-million credit line facility to cover six months debt service reserve account.
The facility has a tenor ranging from 18 years to 18 and a half years, including the construction phase, Opdenergy said.
The funds will be spent on solar projects located in different provinces of Spain.
The borrowing comes after the wind and solar energy developer successfully completed the EUR-4.75 per share IPO last week, raising roughly EUR 200 million for further renewables development as part of its business plan through 2025. Its stock was listed on Friday.