- The senior debt package, structured as a portfolio financing, relates to the construction of six solar plants, totalling 237 MWdc, in Castilla–La Mancha, Spain.
- BNP Paribas and Rabobank acted as Mandated Lead Arrangers, Issuing Banks and Hedging Providers for the €146.6 million senior debt package; BNP Paribas also acted as Green Loan Coordinator for the transaction.
- The projects will all be operational in 2026.
Zelestra, a global, multi-technology, customer-focused renewable energy company, has successfully reached financial close for a portfolio financing including six solar PV projects in Spain that form the Belinchón and Brazatortas clusters, totalling 237 MWdc.
Backed by a contracted structure comprising 21 PPAs, a senior debt package of €146.6 million in green financing has been secured to finance the construction phase of the projects. BNP Paribas and Rabobank acted as Mandated Lead Arrangers, Issuing Banks and Hedging Providers, and BNP Paribas also acted as Green Loan Coordinator for the transaction.
Located in Cuenca, (Castilla-La Mancha, Spain), Belinchón I, II and III will have a total capacity of 162 MWdc and an annual production of 322 GWh. The construction of these facilities will create more than 400 jobs, and the plants are scheduled to start operating in the second quarter of 2026.
Brazatortas I, II and IV, located in Ciudad Real (Castilla-La Mancha, Spain) account for a combined total capacity of more than 75 MWdc and will have a total annual production of 145 GWh. The projects will support more than 400 jobs in construction and will be operational in the second quarter of 2026.
The total capacity of the six projects could power the annual equivalent electricity demands of 150,000 homes in Spain and avoid the emissions of 84,596 tCO2 per year.
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. With construction taking shape, these projects will support hundreds of jobs over the next year and make an important contribution to Spain’s decarbonization goals'.
Zelestra has a project portfolio of more than 6 GW in Spain, which includes over 800 MW of projects contracted, in construction, or operational. The company was recently named among the top 10 sellers of clean energy to corporate customers globally by BloombergNEF (BNEF), and number 2 in Europe, Middle East and Asia.
About Zelestra
With a portfolio of 29 GW of carbon-free projects in 13 countries (5.3 GW contracted with customers and in operations, construction, or pre-construction stage) Zelestra is a vertically integrated company specializing in the development, commercialization, construction and operation of large-scale renewable energy projects. The company is backed by EQT, one of the world’s largest funds, with more than €273 billion in assets under management.
Source: Zelestra
