- The transaction involves the arrangement of a new financing facility for the issuance of euro-denominated senior notes due 2023 in a principal amount of up to €140 million, and an initial drawdown of €114.5 million in principal amount
- Opdenergy will apply the net proceeds from this initial drawdown to fund the payment of the buy-back of Marguerite II’s 80% stake in three solar PV plants in Spain and to refinance its outstanding euro- and U.S. dollar-denominated senior notes due 2024
- The company has successfully managed to improve the financing conditions of the facility compared to those of the refinanced notes
Opdenergy arranges a new corporate note facility of up to €140 million with EIG
Madrid, 25 March 2021. Opdenergy has closed an agreement with EIG to refinance its outstanding euro- and U.S. dollar-denominated senior notes due 2024 (the “Old Notes”) with a new senior note facility in a principal amount of up to €140 million. As a result, an initial drawdown of €114.5 million in principal amount was completed yesterday through the issuance of new notes at 98% of its par value (the “New Notes”). A portion of the net proceeds of the issuance of the New Notes as been used to redeem and cancel the outstanding Old Notes.
Through this new facility Opdenergy has managed to improve its previous financing conditions with EIG, which demonstrates its capacity to obtain favorable financing conditions.
Opdenergy will also apply a portion of the net proceeds from the issuance of the New Notes to fund the buy-back from the European infrastructure fund Marguerite II of its 80% stake in three solar photovoltaic (“PV”) plants in Spain. As previously announced, Opdenergy has consummated this 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 these solar PV plants and has increased its aggregate attributable installed capacity in Spain to 261 MW and globally to 468 MW vs. its aggregate gross installed capacity of 584 MW.
Luis Cid, Opdenergy’s CEO, stated: “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.”
Simon Hayden, Managing Director at EIG, stated: “EIG is delighted to renew its successful relationship with Opdenergy and further support the company in its next stage of growth.”
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 Includes both projects in operation and under construction.