Zelestra Energy Gets Financing for 237 MW Solar Projects In Spain

Spanish EPC and Renewable energy developer Zelestra has achieved financial close for a portfolio of six solar projects in Spain. The projects, adding upto 237 MW form the  Belinchón and Brazatortas clusters in Spain.

A total of 21 power purchase agreements (PPAs) along with a debt package of €146.6m has been sanctioned for the construction of the projects by Zelestra.

While the Belinchón cluster, situated in Cuenca, Castilla-La Mancha, has three projects with a total capacity of 162MWdc, the Brazatortas cluster, situated in Ciudad Real, Castilla-La Mancha, includes three projects with a combined capacity exceeding 75MWdc. All the projects are expected to start genrating power by the second quarter of 2026, or by June 2026.

Zelestra has been active in India in recent months, adding critical people resources as well as signing up for key deals with firms here for renewable energy development. Zelestra Energy has a global renewable energy portfolio of 29 GW, spanning 13 countries. This includes 5.3 GW of projects that are contracted with customers and in operations, construction, or pre-construction

In India, the company is developing over 5.3 GW of renewable energy projects, including a key 500 MW hybrid venture in Maharashtra for SJVN. The hybrid venture combines solar (250 MW), wind(180 MW), and battery storage (90MWh).  Zelestra also closed a €132 million financing for its 435 MW Gorbea solar plant in Rajasthan. With 3 GW already in development, construction, or operation, Zelestra is solidifying its role in India’s transition to sustainable energy.

The win underlines the emergence of large global EPC players once again post 2023, after the disruption caused by the covid linked price volatility that forced many to go under or struggle financially. In most cases, it was the sudden rise in module prices, even as they had fixed price contracts that led to grief for many. Post that, contracts have been reworked to account for module price changes.