Project Finance Brief: Opdenergy Secures Financing for 605 MW of Solar Projects in Spain

Opdenergy, an independent renewable energy producer, 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. The project falls under the green financing framework of Opdenergy, which was announced last year with a Second Party Opinion by Mercados Aries, having a tenor of between 18 and 18.5 years and includes a senior debt principal amount of €301 million (~$306.8 million), a €29 million (~$29.56 million) PPA guarantee line and a credit line facility of €17 million (~$17.33 million) to cover six months debt service reserve account.

Aypa Power, a developer, owner, and operator of energy storage and hybrid generation assets, closed a $88 million construction and term loan facility with CIT, a division of First Citizens Bank, and Siemens Financial Services for its Wolf Tank energy storage project. Wolf Tank is a 173 MWh standalone battery storage energy project located in Webb County, Texas. The project will begin commercial operations in 2023 and support the delivery of a dependable electricity supply in the south region of the Electric Reliability Council of Texas (ERCOT).

Ardian Clean Energy Evergreen Fund, an investment firm, acquired a 100 MW solar portfolio under development in Sardinia, Italy, from Atlas and Heron Advisory. The three photovoltaic projects aim to qualify as agro-voltaic by combining existing agricultural and sheep farming activities with clean photovoltaic energy production.

Cypress Creek Renewables, a developer and operator of utility-scale and distributed solar and energy storage projects, acquired a 400 MW/600 MWh energy storage portfolio in Texas from Black Mountain Energy Storage. The transaction was facilitated through the LevelTen Energy Asset Marketplace. The projects, each 100 MW, are located throughout the Electric Reliability Council of Texas market and are currently under development.

Gresham House, an asset manager, has acquired two fully permitted solar and battery energy storage projects from Canadian Solar, a vertically integrated manufacturer of silicon ingots, wafers, and PV cells and modules. The two projects comprise a collocated solar and battery energy storage project in Durham, with 50 MW solar capacity and 38 MW (or 76 MWh) of battery energy storage, and a standalone solar project in Warwickshire of 28 MW.

CleanCapital, a clean energy investment platform, has acquired a 36.6 MW solar project in Inalahan, Guam, from GlidePath Power Solutions, an energy storage developer and independent power producer in the U.S. The transaction includes the operating Dandan solar project and rights to GlidePath’s portfolio to the U.S. territory of Guam. The solar project commenced its commercial operations in October 2015 and currently generates 6% of the island’s electricity generation.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

Read last week’s project finance brief.