Opdenergy, an independent renewable energy producer, has 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 is precedence with the 2021 financing facility with EIG for the issuance of euro-denominated senior bonds in a principal amount up to €140 million (~$142 million).

Luis Cid, CEO of Opdenergy, said: “We are proud to have secured this refinancing with EIG, who has trusted us with corporate financing for the past years, and having GGI join as an additional financing partner. They are instrumental in our strategy to become a large-scale IPP in Europe and the Americas. Our strength and experience in the sector are the basis for large players to trust us and support us in agreements of this type. We will continue working to offer great value to the renewable sector and to become one of the main players in the renewable energy sector.”

Opdenergy plans to execute this new corporate debt facility as part of its growth path toward becoming a large-scale IPP in Europe, the U.S., and Latin America. It’s one of the primary purposes is to redeem the 2021 bonds (including accrued and unpaid interest) and partially fund the transaction costs related to this new financing for an amount of €143.7 million (~$145.4 million) and the remaining amount of €106.3 million (~$107 million) will be used to achieve its short to medium term growth strategy.

In April 2022, Cypress Creek Renewables (CCR), a developer and operator of utility-scale and distributed solar and energy storage projects, closed a $450 million debt facility to expand its solar and storage project pipeline. These projects will help meet the increasing demand for renewable resources in the U.S.

According to Mercom’s recently released 1H and Q2 2022 report, solar debt financing activity in 1H 2022 was $5 billion in 30 deals, a 39% lower compared to $8.2 billion in 32 deals in 1H 2021.