Zelestra has reached financial close for a portfolio financing including six solar photovoltaic (PV) projects in Spain that form the Belinchón and Brazatortas clusters, totalling 237 MWdc.
Backed by a contracted structure comprising 21 PPAs, a senior debt package of €146.6 million 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 Coordinator for the transaction.
Located in Cuenca, (Castilla-La Mancha, Spain), Belinchón I, II and III will have a total capacity of 162 MWdc and an annual production of 322 GWh. The construction of these facilities will create more than 400 jobs, and the plants are scheduled to start operating in 2Q26.
Brazatortas I, II and IV, located in Ciudad Real (Castilla-La Mancha, Spain) account for a combined total capacity of more than 75 MWdc and will have a total annual production of 145 GWh. The projects will support more than 400 jobs in construction and will be operational in 2Q26.
The total capacity of the six projects could power the annual equivalent electricity demands of 150 000 homes in Spain and avoid the emissions of 84 596 t CO2/y.
Luis Alvargonzalez, Zelestra’s Country Manager in Spain, 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.”
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