Recurrent Energy Sells the Middle Road Solar Project in the UK

Opdenergy, an independent renewable energy producer, closed a $252 million project financing package for two solar projects in the U.S.

The first solar project, “Blake,” located in Jefferson County, West Virginia, has an installed capacity of 100 MW. The second solar project, “Elizabeth,” located in Allen Parish, Louisiana, has an installed capacity of 160 MW. Both solar projects are currently under construction and are expected to be operational within the next few months. The projects are expected to create more than 600 direct and indirect jobs.

“Blake” has a 15-year 100% power purchase agreement with AEP Energy Partners. “Elizabeth” holds a 20-year 100% power purchase agreement with Entergy Louisiana.

Banco Bilbao Vizcaya Argentaria, S.A. New York Branch, Intesa Sanpaolo S.p.A., New York Branch, and MUFG Bank were mandated to structure and arrange the debt financing, acting as Joint Lead Arrangers, Joint Bookrunners, and Joint Green Loan Coordinators.

RBC Community Investments, LLC provided Tax Equity commitments. Marathon Capital Markets, LLC. acted as exclusive financial advisor to Opdenergy. Norton Rose Fulbright LLP served as legal counsel to Opdenergy, Clifford Chance US LLP served as legal counsel to the lenders, and Allen & Overy LLP served as legal counsel to RBC Community Investments, LLC.

According to the company, Opdenergy has raised nearly $2 billion of financing for projects globally.

Mercom’s recently released 9M and Q3 2023 Solar Funding and M&A Report noted that announced large-scale project funding in the first nine months of 2023 came to $27.5 billion in 169 project funding deals, a 20% increase compared to $22.9 billion in 128 projects in 9M 2022.

OCP Group, a phosphate-based fertilizer producer, announced recently that IFC will provide a €100 million (~$105.54 million) green loan for constructing two solar projects totaling 400 MW and up to 100 MWh of battery storage. This announcement marks IFC’s second green loan to OCP this year.