The senior debt package, structured as portfolio financing, is backed by 21 power purchase agreements to ensure financial stability during the construction phase. BNP Paribas and Rabobank served as mandated lead arrangers, issuing banks, and hedging providers, with BNP Paribas also acting as the green loan coordinator for the transaction.
The Belinchón cluster, comprising Belinchón 1, 2, and 3, will have a combined capacity of 162MWdc and is projected to produce 322GWh annually. These plants, set to begin operations in the second quarter of 2026, will create over 400 jobs during construction. The Brazatortas cluster, including Brazatortas 1, 2, and 4 in Ciudad Real, will contribute a total capacity of over 75MWdc and generate 145GWh per year, also supporting more than 400 jobs during the construction phase.
Together, the six projects will produce enough electricity to meet the annual needs of approximately 150,000 households in Spain. The initiative aligns with efforts to expand renewable energy capacity and promote sustainable development in the region.
Zelestra’s country manager in Spain, Luis Alvargonzalez, stated: “Closing this major financing agreement is an important step in delivering these large-scale solar projects on time and on budget for our customers.” He added: “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.”
The projects are part of Zelestra’s broader 6GW portfolio in Spain, which includes over 800MW of projects that are contracted, under construction, or already operational. The Belinchón and Brazatortas clusters will contribute significantly to Spain’s renewable energy goals by providing clean, reliable power and fostering economic growth through job creation.
This financing milestone underscores Zelestra’s commitment to advancing solar energy infrastructure. The collaboration with leading financial institutions ensures the timely completion of these projects, strengthening Spain’s position in the global transition to sustainable energy sources.
