Spanish renewable energy developer Opdenergy Holding said recently that it has secured the funding needed to build and commission around 605 MW of solar PV projects in Spain.
Opdenergy announced the financing as it prepares for an initial public offering (IPO) and has reached an agreement with Spanish bank BBVA (BME:BBVA) and the European Investment Bank for €301 million in senior debt, a €29 million power purchase agreement (PPA) ) and a credit line of €17 million to cover a six-month debt service reserve account.
Opdenergy said the duration of the facility will vary from 18 to 18 1/2 years, including the construction phase.
The funds will be used for solar projects in different Spanish provinces.
This comes after the wind and solar developer successfully completed an initial public offering of 4.75 euros per share last week, raising around 200 million euros to further develop renewable energy as part of its 2025 business plan.
