Zelestra reaches financial close on 237MW solar portfolio in Spain

Renewable company Zelestra has secured €146.6 million ($163 million) in green financing for a portfolio of six solar PV projects in Spain.

The senior debt package, including 21 Power Purchase Agreements (PPAs), will be used to finance the construction of these projects.

For this transaction, BNP Paribas and Rabobank acted as mandated lead arrangers, issuing banks and hedging providers, with BNP Paribas also acting as green loan coordinator.

The solar plants will have a total capacity of 237MWdc and will form part of the Belinchón and Brazatortas clusters.

Belinchón I, II and III will be located in Cuenca and will have a total capacity of 162MW. Brazatortas I, II and IV will be located in Ciudad Real and will have a combined capacity of over 75MW. The plants located in both clusters will begin operating in the second quarter of 2026.

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Once fully operational, the plants could provide power to meet the annual equivalent electricity demands of 150,000 homes and will avoid the emissions of 84,596 tonnes of CO2 per year.

Luis Alvargonzalez, Zelestra’s country manager in Spain, commented on the announcement: “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 decarbonisation goals”.

In February this year, Zelestra signed a long-term PPA with Tesla for 57MWac. Tesla will receive ~130GWh of renewable energy annually, supplied by the Brazatortas I, II and IV solar plants.

Zelestra has a project portfolio of more than 6GW in Spain, which includes over 800MW of projects contracted, in construction, or operational.