Opdenergy, a prominent Spanish independent power producer (IPP), has successfully secured €128 million (US$143 million) in financing to bolster its solar photovoltaic (PV) projects in Spain. The funding, provided in collaboration with Banco Santander, will be allocated towards the development and commissioning of five solar plants, three of which are strategically located in Badajoz, Extremadura, known for its abundant sunlight and home to Europe's largest solar PV plant.
The three solar projects in Badajoz will be collectively supported with €72.7 million in financing, boasting a combined capacity of 131MW. Complementing these initiatives, the remaining two solar projects, situated in Zamora, Castilla and Leon, will have an installed capacity of 56MW and 29MW, respectively, with a financial backing of €55.3 million.
All five solar projects are currently in the construction phase and have successfully secured long-term power purchase agreements (PPAs) with undisclosed entities, ensuring a stable revenue stream upon completion.
Opdenergy's CEO, Luis Cid, expressed enthusiasm, stating, “The financing of these projects supports the solidity of our business model and allows us to continue growing and developing our strategic plan according to schedule.”
This significant financial boost adds momentum to Opdenergy's growing solar portfolio. Presently, the company operates and has projects under construction, amounting to a total capacity of 1.9GW across various European, American, and Latin American markets. Additionally, the IPP boasts a promising pipeline of projects with a collective capacity of nearly 12.7GW at different stages of development.
Last month, Opdenergy witnessed a significant milestone with private equity firm Antin Infrastructure Partners' acquisition of the company through a €866 million buyout, further solidifying its position in the renewable energy sector.
With the support of Banco Santander's financing, Opdenergy is poised to further strengthen Spain's renewable energy landscape, advancing the country's commitment to sustainable power generation while contributing to global efforts to combat climate change.
