he first solar project “Blake“, located in Jefferson County, West Virginia, has an installed capacity of 100 MWDC
Opdenergy closes $252m project financing package for two solar projects totalling 260MW in West Virginia and Louisiana. (Credit: Opdenergy)
Opdenergy, an independent renewable energy producer, has closed a $252 million project financing package for two solar projects in the United States. The first solar project “Blake“, located in Jefferson County, West Virginia, has an installed capacity of 100 MWDC. The second solar project “Elizabeth”, located in Allen Parish, Louisiana, has an installed capacity of 160 MWDC. Both projects, which are currently under construction, are expected to be operational within the next few months.
Long-term power purchase agreements
These projects are under long-term PPAs with two of the largest North American utilities.
- “Blake” holds a 15-year 100% power purchase agreement with AEP Energy Partners, Inc.
- “Elizabeth” holds a 20-year 100% power purchase agreement with Entergy Louisiana, LLC.
Supported by reputable financial partners
Banco Bilbao Vizcaya Argentaria, S.A. New York Branch, Intesa Sanpaolo S.p.A., New York Branch and MUFG Bank, Ltd. were mandated to structure and arrange the debt financing, acting as Joint Lead Arrangers, Joint Bookrunners and Joint Green Loan Coordinators. These financings comply with the “Equator Principles” and “Green Loan Principles”. Tax Equity commitments were provided by RBC Community Investments, LLC.
Marathon Capital Markets, LLC. acted as exclusive financial advisor to Opdenergy. Norton Rose Fulbright LLP served as legal counsel to Opdenergy, Clifford Chance US LLP served as legal counsel to the lenders and Allen & Overy LLP served as legal counsel to RBC Community Investments, LLC.
“At RBC Community Investments we are committed to partnering with sponsors who value the long-term growth and development of communities across the nation, and who are focused on building projects that will improve the lives of those who reside among them.” Said Yonette Chung McLean, Managing Director and head of RBC Community Investments, LLC’s renewable energy tax equity investments and syndications. “We are excited to play a meaningful role in ensuring the delivery and accessibility of clean energy, and we look forward to seeing the positive impacts from these projects and others alike.”
Economic and environmental benefits for the communities
Luis Cid, the company’s CEO, comments: “These projects will generate clean and competitive energy, which is what America demands. In addition, they will bring a number of environmental and economic benefits to the West Virginia and Louisiana communities in which they are located.” Some of the main benefits these projects will provide include:
- Job creation: The construction and operation of both projects will result in the creation of more than 600 direct and indirect jobs.
- The “Blake” and “Elizabeth” projects will contribute to solving one of the most urgent problems currently facing our planet: climate change. Both projects are estimated to prevent the release of 260,000 tonnes of CO2 into the atmosphere annually, according to the latest emission factors published by the EPA, which is the equivalent of the annual circulation of 57,000 combustion cars or the consumption of more than 43,000 homes, according to equivalent consumption published by the US EIA.
Source: Company Press Release