Madrid-based renewable energy producer Opdenergy has secured debt and tax equity financing for its first two utility-scale solar projects in the United States.

The Blake project, with a capacity of 100 megawatts of direct current, is in Jefferson County, West Virginia, while the 160MWdc Elizabeth project is in Allen Parish, Louisiana.

MUFG Bank and the New York branches of Banco Bilbao Vizcaya Argentaria and Intesa Sanpaolo were mandated to structure and arrange the US$252 million debt financing, acting as joint lead arrangers, bookrunners and green loan coordinators. 

The financing complies with the Equator Principles and Green Loan Principles. RBC Community Investments is tax equity investor.

Marathon Capital Markets acted as exclusive financial adviser to Opdenergy, with Norton Rose Fulbright as legal counsel. Clifford Chance served as legal counsel to the lenders, and Allen & Overy served as legal counsel to RBC Community Investments.

Blake holds a 15-year 100% power purchase agreement (PPA) with AEP Energy Partners. Elizabeth has a 20-year 100% PPA with Entergy Louisiana.

Both projects are currently under construction and are expected to be operational within the next few months. In addition to creating more than 600 jobs, the projects are estimated to displace approximately 260,000 tonnes of carbon emissions annually.

Listed on Spain’s Continuous Market in July 2022, Opdenergy has a portfolio of 1.9 gigawatts of assets in operation and under construction, with approximately 70% of the energy contracted under long-term PPAs. The company has an additional 13GW portfolio of projects in various stages of development.

Over the past few years, Opdenergy has raised nearly US$2 billion of financing for projects globally.