ICO and BBVA sign an agreement with Opdenergy to finance two green projects

20 diciembre 2023

  • ICO and BBVA sign an agreement with Opdenergy to finance two projects in the US secured with a Cesce Green Investment Policy

ICO and the BBVA have signed a Green Investment Credit Agreement with Opdenergy for EUR 82.6 million, underwritten together with a Cesce Green Investment Policy. 

Opdenergy is an independent renewable energy producer and this financing operation will be used to improve the capital structure of Opdenergy's US assets. The first of these is the Blake plant, located in Jefferson County, West Virginia, with an installed capacity of 100 MW. The second is the Elizabeth plant, located in Allen Parish, Louisiana, with a capacity of 160 MW.

Both plants are estimated to save 260,000 tonnes of CO2 emissions into the atmosphere per year, according to the latest emission factors published by the EPA. This is equivalent to the annual circulation of 57,000 combustion engine cars or the consumption of more than 43,000 households, according to equivalent consumption published by the US EIA.

BBVA, which acts as the financing entity together with the ICO, is leading as the coordinating bank and agent for the operation and opposite Cesce. The insurance company's Green Investment Policy, on the other hand, is a type of coverage that protects loans granted to Spanish companies to finance projects or activities that meet the requirements for 'green operations' set out in European regulations. Its aim is to encourage Spanish companies to invest abroad.

About Opdenergy

Opdenergy is an independent renewable energy producer, or Independent Power Producer (IPP), operating in Europe, the United States and Latin America with more than 17 years of experience. The company develops, builds, finances, manages and operates renewable energy projects in various countries. It has a portfolio of 1.9 GW of assets under operation and construction in which approximately 70% of the energy is contracted under long-term Power Purchase Agreements (PPAs). Furthermore, it has an additional 13 GW in pipeline projects at different stages of development that support its growth strategy.

Opdenergy plays an important role in the decarbonisation of energy in the different countries in which it operates. It is present and has projects in the pipeline in five European markets (Spain, Italy, United Kingdom, France and Poland), in the United States, and in three Latin American markets (Chile, Mexico and Colombia).
It is also listed on the Spanish continuous market (BME:OPDE).

About ICO

 ICO is the Spanish national promotional bank attached to the Ministry of Economy, Trade and Business. 
ICO promotes the financing of renewable energy projects that support the green transition, in accordance with the ICO Group's 2022-2027 Strategy and the Recovery, Transformation and Resilience Plan. In the last two years, the ICO has approved financing of more than EUR 2 billion for renewable energy projects promoted by Spanish companies, such as solar plants, wind farms, hydrogen and biomass infrastructure, and projects in energy efficiency and saving.

About BBVA

BBVA is a global financial group founded in 1857. Operating in over 25 countries, the entity is not only a leader in the Spanish market, but is also the largest financial institution in Mexico and has leading franchises in South America and Turkey. Through its activities, the BBVA contributes to the progress and well-being of all its stakeholders, including shareholders, customers, employees, suppliers and society in general. As part of BBVA's sustainability strategy, and within the framework of its Pledge 2025, it has set a plan to channel EUR 300 billion into sustainable business between 2018 and 2025. As of September 2023, the bank has already channelled a total of approximately EUR 185 billion into sustainable business, which is 62% of its target. 

About Cesce

Cesce, The Spanish Export Credit Agency, is the head of a group of companies that offers comprehensive solutions for the management of commercial risk and the issuance of surety insurance and guarantees in Europe and Latin America. It also acts as an Export Credit Agency (ECA) on behalf of the Spanish State, managing export credit insurance and medium- and long-term risk coverage for electro-intensive consumers. Cesce drives the long-term growth of its more than 120,000 customers by providing them with intelligent trade credit management solutions that span the entire business value chain - market research, risk management and transfer, and access to finance - as well as surety and guarantee solutions that enable them to take on new projects and businesses. After more than 50 years in the market, the company has proven to be a stable group and the most solvent of the main Spanish and European credit and surety insurance companies with a solvency ratio of 252% at the end of the financial year 2022.