Zelestra secures €147 million to build 237MW solar PV projects in Spain

Zelestra, a Spanish renewable energy developer, has secured €146.6 million ($164 million) in green financing to develop a solar PV portfolio totaling 237 MW in Castilla-La Mancha, Spain. The projects, split into the Belinchón and Brazatortas clusters, are expected to be operational in the second quarter of 2026, creating 800 jobs in the regions. The financing, led by BNP Paribas and Rabobank, will support the construction of six solar plants, which include Belinchón I, II, and III in Cuenca, and Brazatortas I, II, and IV in Ciudad Real. Additionally, Zelestra has a 6GW pipeline in Spain, with over 800MW of projects already contracted, under construction, or operational.

The company signed a power purchase agreement (PPA) with Tesla in February 2025 to sell 57MW of solar PV capacity from the upcoming Brazatortas projects. The financing package includes 21 PPAs, emphasizing the strong commercial foundation of the portfolio. Luis Alvargonzalez, Zelestra’s country manager in Spain, highlighted the significance of closing the financing agreement to ensure timely and budget-friendly completion of the solar projects.

The Renewables Procurement & Revenues Summit in Europe brings together renewable energy suppliers, off-takers, utilities, and financiers to address the challenges and opportunities in the renewable energy sector. The event aims to foster collaboration, innovation, and a shared vision for a sustainable energy future. Additionally, various conferences and exhibitions are planned to address the latest developments and trends in the renewable energy industry.