Zelestra has achieved financial close on a portfolio of six solar photovoltaic (PV) projects in Spain, totalling 237 MWdc, through a €146.6 million ($163 million) green financing package. The projects, grouped under the Belinchón and Brazatortas clusters, are located in Castilla-La Mancha and are scheduled to begin operations in the second quarter of 2026.
The financing is supported by 21 Power Purchase Agreements (PPAs) and was arranged by BNP Paribas and Rabobank, who served as Mandated Lead Arrangers, Issuing Banks, and Hedging Providers. BNP Paribas also acted as Green Loan Coordinator for the transaction.
The Belinchón I, II, and III projects, based in Cuenca, will have a combined capacity of 162 MWdc and are expected to generate 322 GWh annually. The Brazatortas I, II, and IV projects, located in Ciudad Real, will contribute over 75 MWdc and produce 145 GWh each year. Together, the six solar facilities are projected to power the equivalent of 150,000 Spanish homes annually while avoiding approximately 84,596 tonnes of CO₂ emissions.
Each cluster is expected to support more than 400 jobs during the construction phase.
“Closing this major financing agreement is an important step in delivering these large-scale solar projects on time and on budget for our customers,” said Luis Alvargonzalez, Zelestra’s Country Manager in Spain. “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.”
Zelestra currently holds a portfolio exceeding 6 GW in Spain, with more than 800 MW either contracted, under construction, or operational. The company was recently ranked among the top 10 global corporate clean energy sellers by BloombergNEF, and second in the EMEA region.
