Renewable Energy Finance

Opdenergy closes a $252mn financing package for two solar projects totalling 260 MWdc in the US. The financing comprises debt facility led by consortium of investors comprising BBVA, Intesa Sanpaolo and MUFG and tax equity commitment led by RBC Community Investments.

In spite of heightened interest rates, US developers continue to aggressively tap into the debt market, as companies are in a race against time to secure capital before the moratorium period for the import ban of solar modules from Southeast Asia ends.

The company has raised the capital through loans from a range of lenders, including multilateral financial institutions such as the European Investment Bank and export credit agencies such as Instituto de Crédito Oficial, European Export Credit Agency, and EKF.

The Canada-listed company has issued $710mn of green bonds as part of a private placement, and secured a $93.1mn credit facility. Innergex stated that a group of global institutional investors participated in the transaction.

ABN AMRO, Deutsche Bank, HSBC, ING, Rabobank and SMBC acted as joint-active bookrunners for the issuance. The proceeds will be used to invest in green transmission projects in the Netherlands and Germany.

U.S.-based Doral Renewables, the renewable energy development arm of Israel-based Doral Group, has issued up to $500mn of convertible notes to Apollo Global Management and Migdal Insurance.

The bond carries a tenor of 7 years and a coupon rate of 2.875%, with maturity date set as August 1, 2029. The issuance marks SSE’s fifth green bond in six years, bringing its total outstanding green bonds to more than $2.55 billion. In Nov’21, SSE announced that it will invest $14 billion through to 2026 on low-carbon infrastructure projects to progress towards net-zero emissions.

The loan by the EIB will be deployed towards the construction of solar PV and onshore wind projects primarily in rural areas, including Castilla y León and Extremadura. These regions are termed as ‘Cohesion regions’ by the EU, which have been demarcated for economic improvement through disbursement for funds.