Zelestra, a global renewable energy company with a strong focus on multi-technology and customer-centric solutions, has successfully completed financial close for the construction of six solar PV projects in Spain. These projects, grouped into the Belinchón and Brazatortas clusters, have a combined capacity of 237 MWdc. The financing marks a significant step in the company’s expansion in the Spanish renewable energy market. The projects are supported by a contracted structure consisting of 21 Power Purchase Agreements (PPAs), providing long-term revenue visibility.
To fund the construction phase, Zelestra has secured €146.6 million in senior green financing. BNP Paribas and Rabobank served as the Mandated Lead Arrangers, Issuing Banks, and Hedging Providers, with BNP Paribas also acting as the Green Loan Coordinator for the transaction. The Belinchón cluster, located in Cuenca, Castilla-La Mancha, includes three solar PV plants—Belinchón I, II, and III—with a total capacity of 162 MWdc. These plants are expected to generate around 322 GWh of clean electricity annually. Construction of the Belinchón facilities will create over 400 local jobs and is scheduled to be completed by the second quarter of 2026.
The Brazatortas cluster, which includes Brazatortas I, II, and IV, is located in Ciudad Real, Castilla-La Mancha, and will add over 75 MWdc of solar capacity. These projects are expected to produce approximately 145 GWh of electricity per year and will also contribute significantly to local employment during the construction phase. Like the Belinchón projects, they are expected to be operational by the second quarter of 2026.
Luis Alvargonzalez, Zelestra’s Country Manager in Spain, said in a statement, “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 decarbonization goals.”
Together, the six solar PV projects will be capable of supplying renewable energy to approximately 150,000 homes annually and are estimated to prevent 84,596 tonnes of CO₂ emissions each year. These developments align with Spain’s clean energy goals and contribute meaningfully to the country’s energy transition. Zelestra has built a portfolio of more than 6 GW in Spain, which includes over 800 MW of projects that are already contracted, under construction, or operational. The company continues to play a key role in accelerating renewable energy deployment in the region. Recently, Zelestra was recognised by BloombergNEF as one of the top ten sellers of clean energy to corporate customers globally and ranked second across Europe, the Middle East, and Asia.
