OPDEnergy has signed a Project Finance Credit Agreement for up to EUR57 million (US$62.8 million) with Santander for the development, construction, and operation of three PV plants in Spain.
The financing will cover two projects that are already under construction: Los Belos PV plant, with 50 MWp, located in La Muela (Zaragoza); El Muelle PV plant, with a capacity of 11 MWp, located in Muel (Zaragoza) and Montesol, with 50 MWp, located in Cañada Bellida (Teruel). The energy generated by all these plants will contribute to improving the energy mix in the area. The projects will generate more than 207 GWh of green energy, which is approximately equal to the annual consumption of 60,000 Spanish homes and a CO2 emissions saving of 88,800 tons. The facilities will be connected to the grid in the last quarter of 2020.
OPDEnergy, which owns 100% of the projects, has signed with Centrica for the partial sale of the energy generated through a PPA, with a duration of 10 years.
The finance has been obtained from Banco Santander SA. Watson, Farley & Williams acted as the lender's advisor. Our New Energy has served as an advisor to the PPA.
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