Opdenergy has closed an underwriting mandate with BBVA for the financing of the development, construction, and commissioning of its portfolio solar projects in Spain, with a total expected installed power of approximately 725 MW for Euro 500 million. Of the total, the energy company indicated that up to Euro 76 million would be allocated to guarantees linked to long-term contracts (PPAs) and up to Euro 20 million to guarantees related to the usual reserve accounts in this type of operation.

The financing will be articulated through long-term project finance and will be subject to standard conditions, which will include satisfactory due diligence (audit) for the financing entity, final approval of the internal committees, and the absence of adverse material change.

The project portfolio includes 18 solar parks located in different parts of the country and which are grouped into nine clusters. Opdenergy plans the development and construction of several projects in Aragon: the La Estación solar plant, located in Teruel, with an installed capacity of approximately 37.5 MWp; in Zaragoza, the Los Arcos, Los Cartujos, Montetorrero, and Centrovia solar parks, with an installed capacity of approximately 50 MWp, 62.5 MWp, 150 MWp, and 62.5 MWp, respectively.

Opdenergy indicated that it expects to complete the financing before the summer with a group of financial entities led by BBVA, which will act as mandated lead arranger, sole bookrunner, and underwriter. This type of financing for large energy projects is based on the long-term predictability of the company’s cash flows, based on PPAs, which cover most of the energy production generated by the financed assets.