Opdenergy, an independent renewable energy producer, has signed a green financing agreement with ING, an investment firm of € 107 million (~$109 million) for constructing and commissioning 167 MW of solar PV portfolio in Spain.

The green financing, which has a Second Party Opinion from Mercados Aries, has an 11 years tenor (including the construction phase). The total amount includes a long-term project finance senior debt, a PPA guarantee facility, and a credit facility to cover the debt service reserve account.

Luis Cid, CEO of Opdenergy, said: “We are very grateful to ING for the support shown with this financing agreement, a symbol of its support for the development of renewable energies and its commitment to sustainability and the energy transition. These funds will undoubtedly help us continue to drive our business plan and achieve our goals in the development of solar PV and wind energy, two sources of energy that are more necessary than ever to meet climate needs.”

Last week, Opdernergy also closed a €250 million (~$254 million) debt facility for issuing new senior bonds with EIG, an investor in energy and infrastructure sectors, and Generali Global Infrastructure (CGLI). The agreement precedes the 2021 financing facility with EIG for issuing euro-denominated senior bonds in a principal amount up to €140 million (~$142 million).

Also, It has signed a green financing agreement of €350 million (~$356.4 million) with BBVA and the European Investment Bank (EIB) for the construction and commissioning of 605 MW of a solar PV portfolio located in Spain.

According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, announced large-scale project funding in Q2 2022 came to $6.9 billion, a 24% decrease compared to $9 billion in Q1 2022.