The sale includes 20 solar projects located across of Cadiz, Seville, Valladolid, Burgos, Soria, Zaragoza and Teruel provinces
Opdenergy will continue to engage in the development of the projects. (Credit: Zsuzsa Bóka from Pixabay.)
Opdenergy has agreed to divest 1,044MW solar portfolio in Spain to Bruc Energy, a renewables investment vehicle of Bruc Management for an undisclosed amount.
The sale includes 20 solar projects with grid access rights, located across the Cadiz, Seville, Valladolid, Burgos, Soria, Zaragoza and Teruel provinces.
As part of the transaction, Opdenergy will continue to engage in the development of the projects until they reach Ready to Build (RtB) phase, which is expected during the second half of 2022.
Also, proceeds from the portfolio sale would help Opdenergy to fund the development of its 942MW projects in backlog in Spain and the US.
Opdenergy CEO Luis Cid said: “We thank Bruc Energy for the trust placed in Opdenergy. We have once again demonstrated our ability to negotiate financing alternatives for our business model and the quality of our project portfolio.
“This agreement is a very important milestone for us and our company, as it will allow us to continue developing new clean energy projects and to continue executing our business plan.”
Opdenergy is expected to have a total capacity of more than 1.5GW in operation and construction in the first half of 2022. At the end of this year, the company’s total capacity in generation will be 585MW in Spain, Mexico, Italy and Chile.
Overall, the Spanish independent power producer will have more than 6GW portfolio at varied development stages, including 1.9GW of plants at an advanced stage of development and 4GW of of identified projects in Spain, Italy, the US, Chile and the UK, among others.
With the transaction, Bruc Energy will have more than 5GW in operation, construction, and development.
The company’s financing for the projects is supported by the Canadian pension fund OPTrust and UK private pension fund, the Universities Superannuation Scheme (USS) in its shareholding structure.
Bruc Energy president Juan Béjar said: “With a portfolio of assets totaling more than 5,000MW, Bruc Energy has positioned itself as one of the most relevant and dynamic players in the green energy sector in the Iberian Peninsula.
“The agreement with Opdenergy demonstrates our capacity to generate value in the process of decarbonization of the economy and to take advantage of the acceleration in the substitution of fossil energies that the fight against climate change requires.”