Opdenergy employs BBVA to lead funding for 725MWp Spanish solar portfolio

• Independent power producer Opdenergy has mandated BBVA as the underwriting entity for financing the growth and building of its 725MWp stockpile of solar projects in Spain.

The company has picked the Spanish bank to lead the financing of close to EUR500 million (US$ 600 million), of which EUR76 million will be for warranties linked to power acquisition agreements.

Spain-headquartered Opdenergy stated it anticipates to complete the financing under a project financing framework before the summertime with a group of financial entities led by BBVA, which will certainly be the mandated lead arranger as well as expert.

The funding covers 18 solar parks organized into 9 clusters that will be created throughout Spain. About half the ability will be from solar plants in the northeastern area of Aragon.

"Acquiring these funds will certainly permit us to continue creating projects in Spain, a fact that will unquestionably improve even more the importance of our nation as a principal in the advancement of tidy energies worldwide," stated Luis Cid, CEO of Opdenergy.

The deal follows the information previously this month that Opdenergy is planning to release an initial public offering to increase profits of EUR400 million (US$ 475 million) to assist money the advancement of 3.7 GW of tidy power projects.

In addition to Spain, the business has a pipeline of renewables projects in four various other European markets (Italy, the UK, France and also Poland) as well as three nations in the Americas (the US, Chile and Mexico).