Opdenergy has closed an agreement with EIG for a €140m refinancing to fund the buy-back from the European infrastructure fund Marguerite 2 of its 80% stake in three solar plants in Spain.
As a result, an initial drawdown of €114.5m in principal amount was completed on 24 March yesterday through the issuance of new notes at 98% of its par value.
A portion of the net proceeds of the issuance of the New Notes as been used to redeem and cancel the outstanding old notes.
Opdenergy has undertaken the purchase as part of its “path towards becoming a large-scale IPP in Europe and the Americas”.
With this transaction, Opdenergy now owns 100% of the three solar PV plants and has increased its aggregate attributable installed capacity in Spain to 261MW and globally to 468MW versus its aggregate gross installed capacity of 584MW.
Luis Cid, Opdenergy’s CEO, said: “This is a relevant milestone for Opdenergy in its path to become a large-scale IPP in Europe and the Americas.
“We are very proud to have the confidence of major financing players in the sector such as EIG which we believe evidence the reliability of our business model.
“Agreements like this will allow us to continue developing clean energy projects in better conditions while contributing to the promotion of sustainability and the fight against climate change.”