OPDEnergy and the European infrastructure fund Marguerite, announced that they have closed three project finance agreements for the construction of 150 MW of utility-scale solar projects in Spain.
The first agreement was signed with Banco Sabadell and Bankinter for a 50 MW power project called “La Fernandina” located in Mérida in the province of Badajoz.
The second and third agreements were signed with Banco Sabadell for a 50 MW project called “Miramundo” located in Puerto Real in the province of Cádiz and for another 50 MW project called “Zafra” located in Alcalá de Guadaira in the province of Sevilla.
Marguerite acquired an 80% interest in each project at closing. The three projects are already under construction and on track to achieve commercial operation by the end of the year.
Luis Cid, CEO of OPDEnergy points out that “the signing of these 3 project finance agreements highlights our company’s strength in project development and financial structuring within the utility-scale solar photovoltaic market”. He also emphasizes that “we are proud to have trust of several top-level banks, which demonstrates our projects meet the high standards of quality and performance required for this type of investment”.
These photovoltaic projects built by OPDEnergy are three of the projects awarded to the company in the last auction promoted by the Ministry of Energy, Tourism and Digital Agenda. Each project has a bilateral power purchase agreement (PPA) with Centrica, an investment-grade counterparty.
The construction of these three projects will create 600 new jobs at the peak of their construction period including local subcontractors.
Once operational, the three plants will generate energy equivalent to the annual consumption of more than 78,000 homes, avoiding the emission of 120,000 tons of carbon dioxide into the atmosphere per year, according to the emission factors published by the Spanish Office of Climate Change (OECC).