Author: PPD Team Date: 15/05/2025
Zelestra has secured €146.6 million in green financing to build six solar photovoltaic (PV) projects in Spain. The projects will form two clusters—Belinchón and Brazatortas—adding a combined capacity of 237 megawatt direct current (MWdc).
The financing package covers 21 power purchase agreements (PPAs). BNP Paribas and Rabobank led the arrangement. Both acted as mandated lead arrangers, issuing banks, and hedging providers. BNP Paribas also took on the role of green loan coordinator.
The Belinchón cluster, located in Cuenca, Castilla-La Mancha, consists of three solar plants with a total capacity of 162MWdc. These are expected to produce 322 gigawatt-hours (GWh) of electricity each year. Construction will create over 400 jobs, with operations set to begin in the second quarter of 2026.
The Brazatortas cluster, located in Ciudad Real, Castilla-La Mancha, also includes three projects. Together, they will add more than 75MWdc and are projected to generate 145GWh annually. Like Belinchón, they will support more than 400 construction jobs and are scheduled to go online in Q2 2026.
Luis Alvargonzalez, country manager for Zelestra Spain, said the financing agreement is a major step in delivering the projects on time and on budget. He thanked BNP Paribas and Rabobank for their support and noted that the projects will play a key role in Spain’s push to decarbonise its energy system.
Once operational, the six projects will generate enough electricity to power 150,000 homes in Spain. They are also expected to reduce carbon dioxide emissions by 84,596 tonnes each year.
Zelestra’s renewable energy pipeline in Spain now exceeds 6 gigawatts (GW), with over 800MW either contracted, under construction, or already producing power.