Spanish independent power producer (IPP) Zelestra has secured a €235 million (US$277 million) increase to its sustainability-linked loan, bringing the total to €770 million.
Propelling the company’s growth strategy, the funds will be used to build solar, storage and wind projects in the US, Germany, Spain, Italy, Latin America and India.
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Xavier Puig, Zelestra’s CFO, said that the expanded financial capacity will accelerate the company’s growth across all six of its key markets.
Supported by 11 international banks globally, the debt term for the loan has been extended to 2029. Signed in 2023, this marks the second time the amount has been increased, the first being in 2024. As per the new agreement, the terms and conditions of the loan have been improved.
Recently, Zelestra secured US$282 million in financing and reached financial close for a 220MW solar-plus-storage plant in Chile. The project, located in the northern Tarapacá region, includes a 1GWh battery energy storage system (BESS). Earlier this year, the company secured a power purchase agreement (PPA) with Chilean gas provider Abastible for the solar-plus-storage project.
In May 2025, Zelestra secured €146.6 million ($164 million) in green financing to develop a 237 MW solar PV portfolio in Castilla-La Mancha, Spain. The six projects, grouped into the Belinchón and Brazatortas clusters, are expected to be operational by Q2 2026 and create 800 jobs. Belinchón’s 62 MW plant in Cuenca is set to generate 322 GWh annually, while Brazatortas’ 75 MW capacity in Ciudad Real will produce 145 GWh.
At the end of 2023, the Getxo, Spain-based company had a contracted portfolio of around 1GW, which has since grown fivefold to 5.4GW in under two years. Zelestra aims to increase its portfolio of contracted projects to 9GW by 2026.
