Spanish independent power producer Opdenergy Holding announced on July 22 that it has obtained the funding that it needs for building and commissioning 605MW worth of PV projects in its home country. This news was first reported by other renewable energy news websites.

The announcement was made when the company was launching its IPO at the Madrid Stock Exchange. To develop 605MW worth of PV projects, Opdenergy has entered into a EUR 301 million (USD 306.7 million) green financing agreement with lending institutions including BBVA and EIB. It has also obtained a EUR 29 million PPA guarantee line and a EUR 17 million credit line facility to cover six months of debt service reserve account.

The tenors of the related loans and contracts are 18-18.5 years, including the construction phase. The EUR 301 million will be distributed among the PV projects that Opdenergy will be setting up across several regions in Spain.

Opdenergy’s share were traded at EUR 4.75 per share at the IPO. Since then, the share price has been relatively flat. The company did net around EUR 200 million from the IPO. The proceeds will be used to support the implementation of the company’s business plan from now to the end of 2025. The law firm Latham & Watkins was the advisor to Opdenergy in the preparation for the IPO.

Opdenergy has built PV power stations and wind farms in Europe and Latin America. It now aims to increase its total assets in construction or operation to 3.3GW by 2025. However, according to Reuters’ report published on the same day of the aforementioned announcement, Opdenergy’s prospectus noted losses in 2020, 2021, and the first quarter of 2022. Furthermore, the company could continue to post negative financial results in the future, and its operational flexibility is being constrained by debts.