Opdenergy has completed a project financing deal worth €57m for 111MW of solar capacity under development in Spain.
The three photovoltaic plants have entered construction and will be operational by the end of this year.
The facilities, which are the 50MW Los Belos, the 11.2MW El Muelle and 50MW Montesol, are all located in the region of Aragon.
Santander granted the financing to the three special purpose vehicles that each own a project, all of which are owned by Opdenergy.
Founded in 2005, Opdenergy’s portfolio comprises photovoltaic, wind and mini-hydro projects and plants in Spain, Italy, the UK, US, Chile and Mexico.
Law firm Watson, Farley & Williams advised Santander on the deal.
The law firm has also advised Opdenergy on the financing of three separate Spanish photovoltaic plants in southern Spain, with a combined installed capacity of 150MW by Marguerite 2 SCSp in Luxembourg, a European infrastructure fund.
La Fernandina is in Badajoz, Miramundo is in Cadiz and Zafra is in Seville. All three projects, which were awarded during Spain’s third renewables auction, are now in operation.
The WFW Madrid Finance team that advised Banco Santander was led by Partner Rodrigo Berasategui who said: “It was a genuine pleasure to once again have been able to help further Opdenergy’s strategic aim of expansion into the Spanish markets via transactions involving power purchase agreements.”