Renewable energy company Zelestra has reached financial close for six solar PV projects in Spain.

Backed by a contracted structure comprising 21 power purchase agreements, a senior debt package of €146.6 million ( US$167.46 million ) in green financing has been secured to finance the construction phase of the projects.

BNP Paribas and Rabobank acted as mandated lead arrangers, issuing banks, and hedging providers. BNP Paribas also acted as green loan coordinator. Watson Farley and Williams advised the lenders.

Located in Cuenca, Castilla-La Mancha, Belinchón I, II and III will have a total capacity of 162 megawatts ( direct current ) and an annual production of 322 gigawatt-hours. The plants are scheduled to start operating in the second quarter of 2026.

Brazatortas I, II and IV, located in Ciudad Real, also in Castilla-La Mancha, account will have a combined capacity of more than 75MWdc and annual production of 145GWh. The projects will also be operational in the second quarter of 2026.

“Closing this major financing agreement is an important step in delivering these large-scale solar projects on time and on budget for our customers,” says Luis Alvargonzalez, Zelestra’s country manager in Spain. “With construction taking shape, these projects will support hundreds of jobs over the next year and make an important contribution to Spain’s decarbonization goals.”

Zelestra is a vertically integrated company specializing in the development, commercialization, construction, and operation of large-scale renewable energy projects. The company is controlled by EQT, one of the world’s largest funds, with more than €273 billion in assets under management.

Zelestra has a project portfolio of more than 6GW in Spain. Its global portfolio totals 29GW of carbon-free projects in 13 countries, in operation, under construction, or at the pre-construction stage.