Opdenergy, an independent solar and wind power producer, signed a financing agreement with Banco Santander for the development and commissioning of five photovoltaic projects totaling 216 MW, for a total amount of €128 million (~$141.59 million) in Spain.
This operation includes the financing of the “Brovales” project, which consists of three solar projects: Brovales I (55 MW), Brovales II (55 MW), and Brovales III of 21 MW, all located in the province of Badajoz (Spain) whose financing will amount to €72.7 million (~$80.42 million). The funding amounts to €55.3 million (~$61.17 million) for solar projects of Capillas (56 MW) and Mulas (29 MW), both located in Zamora (Spain).
Luis Cid, CEO of Opdenergy, said: “The financing of these projects supports the solidity of our business model and allows us to continue growing and developing our strategic plan according to schedule. These projects are currently under construction and backed by long-term PPAs signed with European Investment Grade utilities. Banco Santander has led the structuring of the transaction acting as Mandated Lead Arranger, as well as hedge provider and financing agent.
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, announced large-scale project funding in Q2 2023 came to $9.5 billion in 51 deals, a 79% increase QoQ compared to $5.3 billion raised in 62 deals in Q1 2023.
Maxsolar, a German-based solar and storage project developer, recently secured €410 million (~$460 million) financing facility to install 2 GW of solar and co-located storage projects in the next five years. Infranity led the investment round with participation from I Squared Capital and Rivage Investment. The financing facility comprises an initially committed tranche of €165 million (~$185.27 million) and a second tranche that will expand the size of the facility by an additional €245 million (~$275 million).