Cero Generation has reached financial close on a portfolio of five solar projects in the Palencia region of Spain.
Financing for the construction of the 244.7MWp portfolio has been secured by a consortium of third-party lenders – Banco Sabadell, Rabobank and ING.
The five utility-scale solar projects will be underpinned by 10-year PPA with an international technology company.
With financing secured, construction on the projects will commence imminently, Cero said.
Elmya and Metlen have been selected as EPC contractors and LONGi will supply the solar modules.
Over 200 people will be involved in constructing the solar projects, leading to the creation of local jobs during the construction phase, Cero said.
As part of the project development programme, Cero will support conservation programmes in the Castilla y Leon autonomous community over the coming years.
The five projects are expected to deliver more than 480 GWh of renewable energy per year, equivalent to powering close to 150,000 homes and avoiding over 175,000 tonnes of CO2e emissions, and Cero will also deliver biodiversity benefits at the project sites.
Cero’s 26GW portfolio is one of the largest in Europe, with over 600MW of projects in operation or under construction, according to the developer.
Marta Martinez Queimadelos, chief executive of Cero Generation, said: “We are delighted to reach financial close on this portfolio which was achieved through close collaboration with all of the key stakeholders including our lending partners, Sabadell, Rabobank and ING and our supply chain partners, Elmya, Metlen and LONGi.
“We look forward to constructing these plants, creating job opportunities for local people and delivering a range of community benefits, and ultimately, putting more renewable energy into the Spanish transmission network.”