Opdenergy, an independent renewable energy producer, closed two credit lines with CaixaBank totaling €50 million (~$53.5 million), both of which are qualified as green as they conform with the principles designated under the Green Loan Principles, which aim to encourage sustainability and provide clear environmental benefits.

With these credit lines, which are part of the green financing framework that the company announced last year with a Second Party Opinion by Sustainalytics, the company will be able to finance the development of different PV solar projects located in Spain and the U.S. and others.

Particularly, the credit lines are likely to be used to issue guarantees for interconnection and power purchase agreements (PPAs) for projects in the U.S. and documentary credits for assets in Spain, among others.

These green credit lines are additional to the green commercial paper notes program registered in the MARF for a maximum amount of €100 million (~$107 million) and the €62 million (~$66 million) green financing associated with three solar PV projects, totaling more than €200 million (~$214 million) under the green financing framework registered by the company.

“This new financing agreement we have reached with CaixaBank will help us to continue to highlight our role in the clean energy industry and the importance of making investments and developing projects that have a positive impact on the environment, both nationally and internationally,” said Luis Cid, CEO of Opdenergy.

In May 2022, Origis Energy, a vertically integrated renewable energy platform and a solar project developer, closed a $375 million credit facility for its solar and energy storage project pipeline. The facility comprises a letter of credit and equipment financing to fund the company’s clean energy projects. CIT, a division of First Citizens Bank, along with Deutsche Bank, HSBC, Nomura, Rabobank, and Santander, was coordinating lead arrangers of the facilities.

According to Mercom’s Q1 2022 solar funding and M&A report, announced debt financing for the solar sector in Q1 2022 totaled $3.8 billion, a 137% increase compared to Q4 2021, when $1.6 billion was raised. However, debt financing was down 12% YoY.