US$252 million financing package received for 260 MW solar projects in USA

Opdenergy has closed a US$252 million project financing package for two solar projects in USA.

The initial solar endeavor, named "Blake," situated in Jefferson County, West Virginia, boasts a capacity of 100 MWdc. Meanwhile, the second solar initiative, "Elizabeth," located in Allen Parish, Louisiana, has an impressive capacity of 160 MWdc. "Blake" has a 15-year 100% Power purchase agreement (PPA) with AEP Energy Partners, Inc., while "Elizabeth" has a 20-year 100% PPA with Entergy Louisiana, LLC. Both the "Blake" and "Elizabeth" projects play a pivotal role in addressing climate change. Together, they are expected to prevent the annual release of 260,000 tonnes of CO2 into the atmosphere, equivalent to the yearly emissions of 57,000 combustion cars or the energy consumption of over 43,000 homes.

Banco Bilbao Vizcaya Argentaria, S.A., Intesa Sanpaolo S.p.A., and MUFG Bank, Ltd. collaborated as Joint Lead Arrangers, Joint Bookrunners, and Joint Green Loan Coordinators to structure and arrange the debt financing. Notably, these financial arrangements align with the “Equator Principles” and “Green Loan Principles.” Tax Equity commitments were secured through RBC Community Investments, LLC. Opdenergy received exclusive financial advisory services from Marathon Capital Markets, LLC. Legal counsel for Opdenergy was provided by Norton Rose Fulbright LLP, while Clifford Chance US LLP represented the lenders, and Allen & Overy LLP served as legal counsel to RBC Community Investments, LLC.

Both projects, are under construction and will be connected in the coming months.