Multinational OPDEnergy and the European infrastructure fund Marguerite have closed three project finance agreements for the construction of 150 MW of utility-scale solar projects. The first agreement was signed with Banco Sabadell and Bankinter for a 50 MW power project located in Mérida (Badajoz). The second and third agreements have been signed with Banco Sabadell for a 50 MW power project located in Puerto Real (Cádiz) and for a 50 MW power project located in Alcalá de Guadaira (Seville).
Marguerite acquired an 80% stake in each project at closing. The three projects are already under construction and on track to achieve network connection by the end of the year.
“we are proud to be trusted by several top-level banks, which demonstrates our projects meet the high standards of quality and performance required for this type of investment”
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 “we are proud to be trusted by several top-level banks, which demonstrates our projects meet the high standards of quality and performance required for this type of investment”.
These photovoltaic plants that OPDEnergy is building are three of the projects awarded to the multinational in the last auction of the Ministry of Energy, Tourism and Digital Agenda. Each project has a bilateral power purchase agreement (PPA) with Centrica, investment-grade counterparty.
According to the parties involved in the transaction, Gold Abogados (Legal), Altermia (Technical) and Marsh (Insurances) have advised Banco Sabadell and Bankinter. Meanwhile Watson Farley & Williams (Legal) and Our New Energy have advised OPDEnergy and Marguerite.
“La Fernandina”, “Miramundo” and “Zafra”
The La Fernandina plant is located in Merida (Badajoz), on a 100 hectares area on a plot adjacent to the Alange highway, and will have a power of 50MW. For its part, the Miramundo solar plant is located in Puerto Real (Cádiz), on an area of 137 hectares on a plot adjacent to the Pedroso highway, and will also have a capacity of 50MW. And the Zafra solar plant is located in Alcalá de Guadaira (Seville), on an area of 150 hectares located southwest of the municipality, and will have a power of 50MW.
600 new jobs will be generated at the peak of activity, which should be added to those of the local subcontractors during the works
The construction of these three plants will generate 600 new jobs at the time of greatest activity, which should be added to the hiring of local subcontractors during the works execution period.
Once into operation and connected to the grid, the three plants will generate annually the electric energy equivalent to the consumption of more than 78,000 households, preventing the emission into the atmosphere of 120,000 tons of CO2 per year, according to the emission factors published by the Spanish Office of Climate Change (OECC).