Spanish independent power producer (IPP) Zelestra has secured US$600 million in green financing for two solar PV projects totalling 440MW in Texas.
Societe Generale and HSBC have provided the funds for the 252MW Echols Grove plant in Lamar County and the 187MW Cedar Range plant in Hopkins County. The funding will support the development, construction and commissioning of both projects.
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According to the firm, the projects are its largest to-date in the country. Both facilities will operate under long-term power purchase agreements (PPAs) with Facebook’s parent company Meta.
“This financing marks a significant milestone in the delivery of our largest U.S. solar projects to date. It reflects strong confidence from Societe Generale and HSBC in our strategy and execution capabilities and reinforces our ability to attract first-class capital to support our growth platform in the US market,” said Sybil Milo Cioffi, US chief financial officer, Zelestra.
The projects are scheduled to reach full commercial operation by the end of 2027. The projects are being built by engineering, procurement and construction (EPC) contractor McCarthy Building Companies.
In total, around 704,000 bifacial modules will be installed across approximately 2,400 acres. According to the company, development and construction activities are expected to create around 400 local jobs.
Headquartered in Arlington, Zelestra is developing a substantial pipeline of approximately 15GW of renewable energy projects across several key markets. In total, the company’s broader global portfolio comprises 21.6GW of solar, 29.8GWh of battery energy storage systems (BESS) and 4.2GW of wind capacity.
