Zelestra has secured almost €147 million in green financing to construct a 237MWdc solar portfolio in Spain.
The senior debt package, structured as a portfolio financing, relates to the construction of six solar plants in Castilla-La Mancha, Spain.
The six projects, which form the Belinchón and Brazatortas clusters, will all be operational in 2026.
Backed by a contracted structure comprising 21 power purchase agreements, a senior debt package of €146.6m 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 co-ordinator for the transaction.
Belinchón 1, 2 and 3 will have a total capacity of 162MWdc and an annual production of 322GWh.
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 1, 2 and 4, located in Ciudad Real account for a combined total capacity of more than 75MWdc and will have a total annual production of 145GWh.
The projects will support more than 400 jobs during the construction stage.
The total capacity of the six projects could power the annual equivalent electricity demands of 150,000 homes in Spain.
Zelestra’s country manager in Spain Luis Alvargonzalez 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 decarbonisation goals.”
Zelestra has a project portfolio of more than 6GW in Spain, which includes over 800MW of projects contracted, in construction, or operational.