The operation comprises, on the one hand, the financing of the Brovales project, which consists of the Brovales I and II plants, each with 55 MW, and Brovales III, with 21 MW, all located in the province of Badajoz and whose financing will amount to EUR 72.7 million. On the other hand, Opdenergy will finance the development of the Capillas (56 MW) and Mulas (29 MW) photovoltaic plants, both located in Zamora, with 55.3 million euros.
All these projects, which are currently under construction, are backed by long-term PPAs signed with European utilities, according to Opdenergy.
Banco Santander has led the structuring of the transaction acting as Mandated Lead Arranger (MLA), as well as hedge provider and financing agent.
Santander has been advised by Garrigues with a team led by Marcos Botella and Javier Bosch, while Opdenergy was counselled by Evergreen Legal with partners Alberto Campo and Yurena Medina.