Renewable energy company Zelestra has agreed a €130m ($154m) syndicated equity-bond facility with Santander, with backing from Instituto de Credito Oficial (ICO) and Spain's official export credit agency, CESCE.

This financial arrangement is intended to support the development of approximately 500MW of contracted renewable energy projects in Germany, Italy and the US.

These projects, which include wind, solar and battery energy storage capacities, are expected to begin construction in 2026 and 2027.

The agreement with Santander, along with support from the ICO and CESCE, is seen as a strategic move to diversify Zelestra’s financial operations.

The involvement of these financial institutions also highlights confidence in Zelestra's global strategy.

Zelestra CFO Xavier Puig said: “As we continue to deliver substantial growth globally based on Zelestra’s customer-centric strategy, we are delighted to have the backing of major international lenders and credit agencies.

“This facility will support our growth and our ability to deliver major clean energy projects for our customers and communities in our global markets.”

CESCE’s role involves managing credit and investment insurance, focusing on mitigating the political, commercial and extraordinary risks linked to the international operations of Spanish companies.

Zelestra operates as a vertically integrated enterprise, specialising in the development, commercialisation, construction and management of large-scale renewable energy projects. The company is supported by EQT, a global investment fund that manages assets totalling €270bn.

Prior to this development, Zelestra and Meta signed a new power purchase agreement for the Skull Creek Solar Plant in Texas, US, expanding their clean energy partnership.