Renewable energy company Zelestra has achieved financial close for a portfolio financing of six solar photovoltaic (PV) projects, forming the Belinchón and Brazatortas clusters in Spain.
The financing includes 21 power purchase agreements (PPAs) and a senior debt package of €146.6m in green financing for the construction phase of the projects.
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The financial package was arranged by BNP Paribas and Rabobank, serving as mandated lead arrangers, issuing banks and hedging providers. BNP Paribas also fulfilled the role of green loan coordinator for the transaction.
The projects have a combined capacity of 237 megawatt direct current (MWdc).
The Belinchón cluster, situated in Cuenca, Castilla-La Mancha, comprises three projects with a total capacity of 162MWdc and is expected to produce 322 gigawatt-hours (GWh) annually.
These projects will contribute to the creation of more than 400 jobs during the construction phase and are due to commence operations in the second quarter of 2026 (Q2 2026).
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By GlobalDataThe Brazatortas cluster, situated in Ciudad Real, Castilla-La Mancha, includes three projects with a combined capacity exceeding 75MWdc, with an annual production forecast of 145GWh.
Similar to Belinchón, these projects will support more than 400 construction jobs and are scheduled to become operational in Q2 2026.
Zelestra Spain country manager Luis Alvargonzalez 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”.
With a combined capacity of 237MWdc, the six projects are capable of meeting the annual electricity needs of 150,000 homes in Spain and are projected to prevent 84,596 tonnes of CO₂ emissions each year.
Zelestra’s portfolio in Spain exceeds 6GW, with more than 800MW of projects contracted, under construction, or operational.
In April 2025, Zelestra closed a $113m project financing credit facility for its 81MWdc Jasper County solar plant in Indiana, US.
