Zelestra has secured nearly €147 million in green financing for the construction of a 237MWdc solar portfolio in Spain, aimed at supporting the country’s renewable energy transition.
The senior debt package, structured as a portfolio financing, covers the development of six solar plants in Castilla-La Mancha, forming the Belinchón and Brazatortas clusters. These projects, which are set to begin operations in 2026, will generate a combined capacity of 237MWdc. The financing is backed by 21 power purchase agreements (PPAs).
The €146.6 million in green financing was arranged by BNP Paribas and Rabobank, with the former also acting as the green loan coordinator for the transaction. The deal aims to fund the construction phase of the solar plants.
Luis Alvargonzalez, Zelestra’s country manager in Spain, said, “Closing this major financing agreement is an important step in delivering these large-scale solar projects on time and on budget for our customers. We are very pleased that the financial community has confidence in Zelestra’s strategy and our team, and we thank BNP Paribas and Rabobank for their support.”
The Belinchón cluster will consist of three plants (Belinchón 1, 2, and 3), with a combined capacity of 162MWdc and an annual production of 322GWh. The Brazatortas cluster, located in Ciudad Real, will include three plants (Brazatortas 1, 2, and 4) with a total capacity of more than 75MWdc and an annual production of 145GWh.
The construction of these plants is expected to create more than 800 jobs, with the projects expected to meet the annual electricity demand of approximately 150,000 homes.
Zelestra’s project portfolio in Spain totals over 6GW, including more than 800MW of contracted, under-construction, or operational projects.
