Opdenergy Holding secures fund to develop solar PV projects in Spain

Spanish renewables developer Opdenergy Holding has secured fund to develop solar PV projects in Spain.

The company announced that it has secured the financing to build and commission 605 MW of projects.

According to Opdenergy, it inked the agreement with Spanish lender BBVA and the European Investment Bank. The funds will be mobilized on solar projects located in different provinces of Spain.

With these lenders, it has obtained a “EUR-301-million (USD 306.7m) senior debt, a EUR-29-million power purchase agreement (PPA) guarantee line and a EUR-17-million credit line facility to cover six months debt service reserve account,” a report mentioned.

It has been reported that the facility has a “tenor ranging from 18 years to 18 and a half years, including the construction phase.”

Only last week, Opdenergy had announced of initial public offering. It completed the EUR-4.75 per share IPO successfully and was able to raise around EUR 200 million.

The company plans to invest for renewables development through 2025.