Spanish renewables developer Zelestra has secured €146.6 million ($164 million) in green financing to develop a solar PV portfolio totalling 237 MW in Castilla-La Mancha, Spain.
Consisting of six projects, grouped into the Belinchón and Brazatortas clusters, they are expected to be operational in the second quarter of 2026. According to the company, the plants are expected to create 800 jobs across the regions.
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With 62 MW of capacity, the Belinchón I, II, and III plants in Cuenca will produce 322GWh per year, while Brazatortas I, II, and IV in the municipality of Ciudad Real will contribute over 75 MW and produce 145 GWh annually, the firm said.
In February 2025, the company signed a power purchase agreement (PPA) with electric vehicle manufacturer Tesla to sell 57MW of solar PV capacity from its upcoming Brazatortas projects.
The debt package was led by BNP Paribas and Rabobank, who served as Mandated Lead Arrangers, Issuing Banks and Hedging Providers. BNP Paribas also acted as Green Loan Coordinator for the transaction.
“Closing this major financing agreement is an important step in delivering these large-scale solar projects on time and on budget for our customers,” added Luis Alvargonzalez, Zelestra’s country manager in Spain.
The financing is backed by a contracted structure comprising 21 power purchase agreements (PPAs), underscoring the strong commercial foundation of the portfolio.
Zelestra currently has a 6GW pipeline in Spain, with over 800MW of projects already contracted, in construction or operational.
