Independent renewable energy producer Opdenergy of Spain has sold its stake in a solar power project portfolio of 20 facilities with a combined capacity of 1.044 GW in Spain for an undisclosed amount to renewable energy asset manager Bruc Energy.
All the 20 facilities under transaction with Bruc Energy are set to come up in Spain. Opdenergy said it will continue to develop the project till these reach ready-to-build (RTB) status. The projects are located in the provinces of Cádiz, Zaragoza, Valladolid, Burgos, Teruel, Seville and Soria.
This transaction provides Opdenergy with the necessary capital to invest in the development of its backlog pipeline of 942 MW in Spain and the US. This, along with 585 MW of operational capacity it expects to achieve by the end of 2021 in Spain, Mexico, Italy and Chile. The Spanish company said it will have more than 1.5 GW capacity in operation and construction during H1/2022. Additionally, it claims to have more than 6 GW of projects at various development stages various markets.
"Furthermore, the sale of these assets to Bruc Energy does not imply that, in the future, and if the market conditions are favorable, the company may initiate a new feasibility study to assess the possibility of resuming a potential IPO to obtain additional funds to continue financing its growth," stated Opdenergy.
In April 2021, Opdenergy raised €500 million from Spanish bank BBVA for ita 725 MW solar power capacity in the country (see BBVA Finances 725 MW PV Of Opdenergy).
For Bruc Energy, this deal takes its operational, under construction and under development renewable energy capacity to over 5 GW. The asset manager has UK based private pension fund Universities Superannuation Scheme as its 50% stakeholder (see UK Pension Fund Acquires 50% Stake In Bruc Energy).