Cero Generation, a European solar energy developer, has announced the financial closure of a portfolio of five solar projects in Spain’s Palencia region, totaling 244.7 MWp in installed capacity.
The financing, secured from a consortium of Banco Sabadell, Rabobank, and ING—key players in the Spanish renewables sector—will support the construction of these utility-scale solar projects. The projects will be backed by a 10-year Power Purchase Agreement (PPA) with an international technology company.
Construction will start soon, with Elmya and Metlen serving as EPC contractors and LONGi supplying the solar modules. The projects will involve over 200 workers, creating local jobs during the construction phase.
Cero Generation will also contribute to conservation programmes in the Castilla y León region as part of its development efforts.
The five projects are projected to generate over 480 GWh of renewable energy annually, powering nearly 150,000 homes and reducing CO2e emissions by over 175,000 tonnes. Additionally, Cero Generation will enhance biodiversity at the project sites.
Cero Generation’s 26GW portfolio is among Europe’s largest, with over 600MW of projects currently operational or under construction.
Marta Martinez Queimadelos, CEO 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.”
Roger Font, Head of Project Finance, Banco Sabadell said, “Banco Sabadell is proud to have been selected by Cero Generation together with two other leading institutions to finance a project such as this, which will contribute to further develop the renewable energies in Spain and help achieve the country’s goals.”
Stefan Hogewoning, Director Project Finance Europe, Rabobank said, “Financing the construction of this solar portfolio fits well within Rabobank’s banking for the energy transition strategy and we look forward to supporting Cero as they continue to build out their portfolio of renewable energy assets around the globe.”
David Mesia, Head of Energy Sector Coverage Spain & Portugal, ING said, “With this transaction, we keep on embracing our strategy of supporting energy transition across our global network with highly sophisticated financing solutions tailored to meet our clients’ needs”.
Gerardo Rodriguez Pagano, Managing Director, Elmya EPC said, “Cero Generation is a strategic client for Elmya EPC. Following the success of our joint projects in Italy, collaborating in Spain had become a top priority for us.”
Leon Zhang, President of LONGi Utility Europe, commented, “By integrating LONGi’s cutting-edge solar technology with Cero’s expertise in solar asset development, we are setting a new standard for industry excellence.”
Nikos Papapetrou Executive Director, M Renewables – METLEN Energy & Metals, stated: “We are excited to partner with Cero Generation in this very important project. METLEN Energy & Metals is a global contractor of complex, large-scale solar energy projects and energy storage projects, providing reliable solutions across the project development spectrum, from standalone projects to complex hybrid systems.”