Renewable-energy producer Opdenergy has signed a financing agreement with BBVA and the European Investment Bank (EIB) for the construction and commissioning of a solar PV portfolio in Spain.
The portfolio has a total expected installed capacity of around 605 megawatts.
The financing facility, which falls within the green financing framework that Opdenergy announced last year, has a tenor of between 18 and 18.5 years, including the construction phase, and includes a senior debt principal amount of €301 million ($307 million). It also includes a €29 million ($29.6 million) PPA guarantee line and a €17 million ($17.4 million) credit line facility to cover six months debt service reserve account.
Opdenergy is using the debt raised to take a step toward meeting its 2025 target of reaching a capacity of 3.3 gigawatts of renewable-energy projects in operation and under construction.
“This new financing agreement is a big step that will help us reach the
