Spanish renewables firm Opdenergy has secured financing worth €347 million from Spanish multinational Banco Bilbao Vizcaya Argentaria (BBVA) and European Investment Bank (EIB) to support its solar PV portfolio of 605 MW in Spain.
The financing includes €301 million senior debt, €29 million power purchase (PPA) guarantee and a credit line facility of €17 million to cover 6 months debt service reserve account.
Opdenergy will use the proceeds to construct and commission this portfolio that's spread across the provinces of Zaragoza, Teruel, Ciudad Real and Cuenca. The company sees this debt facility as accelerating its steps towards reaching the 2025 target of 3.3 GW renewable energy projects in operation and under construction.
The Spanish company claims to have secured over 2.6 GW PPA contracts in the various countries it is operating in, with investment grade off-takers.
This is the company's 2nd debt facility announcement in July 2022 as it recently announced raising €250 million from institutional investor EIG, and Generali Global Infrastructure (GGI). Among other uses, these funds are to be used by the management to construct and develop its short-to-mid-term growth projects.
Opdenergy also got listed itself on the Madrid Stock Exchange, which according to Reuters was the 1st listing on the exchange in 2022. It raised €200 million for an offer price of €4.75 per share, representing a market value of €703 million. Of the total raised, around €8 million was raised through new shares sold to Spanish retail investors.