Spanish IPP Opdenergy Transfers All Bruc Projects for 1,101MW Cumulative Capacity

Opdenergy Seals Finance for Solar Projects Totalling 260 MWDC

Renewable energy firm Bruc has completed the acquisition of eight new solar PV power generation plants from independent renewable energy producer Opdenergy with a cumulative capacity of 444 MW. This transaction is part of the agreement reached between Bruc and Spanish Independent Power Producer (IPP) Opdenergy in August 2021 for the sale and purchase of 20 solar PV power generation plants totalling 1,101 MW.

These photovoltaic plants have been transferred in accordance with the agreed schedule and are located in the provinces of Valladolid and Zaragoza, in addition to the twelve previously transferred plants located in the provinces of Cádiz, Palencia, Seville, Soria, Teruel and Zaragoza.

With this operation, Opdenergy transfers to Bruc all the agreed plants and takes an important step in the execution of its business plan, as Luis Cid, CEO of Opdenergy, comments, “First of all, we would like to thank Bruc for the trust it placed in us to carry out this project, which began as an exciting project and has become a successful reality. The achievement of all the closings associated with the transaction with Bruc is a sign of our execution and commitment to our investors and partners. It also reflects the quality of our projects and highlights the value of the other clean energy projects under development and allows us to continue executing our business plan.”

Opdenergy currently has an operational generation capacity of 680 MW, 1,090 MW under construction that will be put into operation in the coming months and 352 MW that will start construction shortly, making it a player of nearly 2 GW between operation and construction before the end of 2023.

With the transfer of these assets, Opdenergy is approaching 2 GW sold to third parties between RTB and COD in Spain, Italy, Mexico, the UK, and the US. This asset rotation strategy partially allows the company to finance its future growth, adding even more resources to the recurring cash flows obtained from operating assets and optimizing its generation mix. In addition, Opdenergy has an additional portfolio of projects in different stages of development of around 12 GW that support its growth strategy.

Bruc currently owns 8,500 MW with access rights to the transmission grid, of which 1,100 MW are already operational and at an advanced stage of construction. Of the remaining 7,400 MW, 5,000 MW already have an environmental impact statement.

It may be recalled that in December 2022, Opdenergy revealed entering into an agreement to finance its 24 MW project “La Francesca” in Benevento, Italy.