Spanish independent power producer (IPP) Zelestra has secured a US$176 million green financing package for its 242MWdc Babilonia solar project in Peru.
The financing has been arranged with Natixis Corporate & Investment Banking and BBVA Peru. Situated in the Arequipa region in southern Peru, the Babilonia project is part of the broader La Joya solar complex, which is eventually expected to reach nearly 700MW of installed capacity.
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The complex also includes the 300MW San Martín solar plant – currently the largest operating PV facility in the country – which entered operation last year, as well as the 125MW San Joaquin project, now in an advanced stage of development.
The Babilonia project will deploy close to 400,000 bifacial PV modules and is scheduled to reach commercial operation in the first half of 2027.
Construction began last month and is being delivered by Zelestra’s in-house engineering, procurement and construction (EPC) team. The project is backed by a long-term power purchase agreement (PPA) signed with Peruvian utility Celepsa in April 2025 and is expected to generate more than 500 jobs during the construction phase.
“The green financing package for Babilonia is a significant transaction for Zelestra. Our internal EPC division recently kicked off the construction programme, and we look forward to delivering the energy on time for our customer Celepsa,” Xavier Puig, CFO of Zelestra, said.
Bilbao-based Zelestra is a major renewable player in Peru, with 600MW of solar projects operational or under construction and a growth pipeline exceeding 1.5GW. As of December 2025, its Latin American platform comprised 1.4GW of contracted solar and battery energy storage system (BESS) capacity – 1GW live or in development – alongside a 2.1GW+ pipeline across Chile, Peru and Colombia.
In December 2025, Zelestra signed an agreement to sell its 3.5GW Latin American renewables portfolio to Colombian gas firm Promigas. The platform included 1.4 GW of contracted solar PV and BESS capacity, with 1GW operational or under construction, including the 220 MW/1 GWh Aurora solar-plus-storage project in northern Chile.
