OPDEnergy and Marguerite close €81 MM construction financing for 3 Spanish solar projects totaling 150 MW

Multinational firm OPDEnergy has announced the closing of 3 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 3 projects are already under construction and on track to achieve commercial operation by the end of the year.

These photovoltaic projects built by OPDEnergy are 3 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. Banco Sabadell and Bankinter have been advised by Gold Abogados, Altermia and Marsh. OPDEnergy and Marguerite, have been advised by Watson Farley & Williams and Our New Energy.

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.