Opdenergy secures $252 million in financing and accelerates the development of solar energy in the United States. This substantial financing, provided by a group of leading banks, will mark a major turning point in the transition to cleaner, more sustainable energy sources. Opdenergy, a major player in renewable energy, is about to deploy two large-scale solar power plants. This demonstrates the company’s commitment to a greener energy future.
Two Key Solar Energy Projects
The projects supported by this financing are the Blake solar power plant, with an installed capacity of 100 MW, located in West Virginia, and a 160 MW plant located in Louisiana. Together, these installations have a total capacity of 260 megawatts (MW), which will make a significant contribution to increasing solar energy production in the United States. These projects represent a strategic investment in clean, renewable energy, reducing dependence on fossil fuels.
Weighty Financial Support
RBC Community Investments played a key role as Tax Equity Investor in this financing operation. On the other hand, the financial entities BBVA, Intesa Sanpaolo and MUFG provided the necessary resources. The $252 million financing demonstrates investors’ confidence in the viability of renewable energies and strengthens Opdenergy’s position as an industry leader.
Long-term Power Purchase Agreements
These solar power plants have already secured long-term power purchase agreements (PPAs) with US companies. The Blake solar power plant has signed a 15-year PPA with AEP Energy Partners, while the Elizabeth plant has a 20-year PPA with Entergy Louisiana. These agreements guarantee a stable outlet for the energy produced by these facilities, thus promoting long-term sustainability.
A Major Economic and Environmental Impact
As well as producing clean energy, these projects will have a significant impact on the economy and the environment. The construction and operation of the two solar power plants will create over 600 direct and indirect jobs. This provides economic opportunities for local communities in West Virginia and Louisiana. What’s more, these plants will reduce carbon dioxide emissions by 260,000 tonnes each year, equivalent to the consumption of more than 43,000 homes. This initiative demonstrates the contribution of renewable energies to the fight against climate change.
Committed to a sustainable energy future
Luis Cid, CEO of Opdenergy, emphasizes that these projects will generate “clean, competitive” energy. They will also bring “numerous environmental and economic benefits to the communities of West Virginia and Louisiana”. These solar power plants represent a crucial step in the transition to a cleaner energy future, underlining the essential role of the private sector in promoting more sustainable energy sources.
Marathon Capital Markets and Norton Rose Fulbright LLP acted as Opdenergy’s financial and legal advisors respectively. As a result, the lenders and RBC Community Investments have retained Clifford Chance US and Allen & Overy as legal advisors, respectively.
This Opdenergy initiative illustrates how investment in renewable energies can stimulate economic growth. The two solar power plants in the USA represent a further step towards a cleaner, more sustainable energy future, while demonstrating the potential of solar energy to power a greener world.
