Zelestra, a renewable energy project developer, has agreed to a €130 million (~$154 million) syndicated equity-bond with Santander, supported by ICO (Instituto de Credito Oficial) and Cesce (Compañía Española de Seguros de Crédito a la Exportación).
The financing facility will support approximately 500 MW of contracted projects across Italy, Germany, and the U.S., which are expected to enter the construction stage in 2026 and 2027. Zelestra is developing new solar, wind, and battery energy storage capacity across these countries.
Xavier Puig, Zelestra’s CFO, said, “As we continue to deliver substantial growth globally based on Zelestra’s customer-centric strategy, we are delighted to have the backing of major international lenders and credit agencies. This facility will support our growth and our ability to deliver major clean energy projects for our customers and communities in our global markets.”
Previously, the company closed several project financing deals, including a €13 million (~$15.16 million) senior debt green financing for the development of two solar projects in Italy: the 6.5 MW Ginosa project in Puglia and the 9.5 MW Bellomo project in Sicily. The company secured $282 million in a project financing package for the Aurora project, comprising a 220 MWdc solar project and approximately 1 GWh of battery energy storage system located in Tarapacá, Chile.
Further, it raised a $113 million project financing credit facility for the 81 MW Jasper County solar project in Jasper County, Indiana. Banco Santander acted as the sole arranger of the Facility.
In December, Zelestra entered into an agreement for the sale of its Latin America platform to Promigas, a multi-energy company based in Colombia. The platform consists of a total portfolio of more than 2.1 GW of solar and battery energy storage systems capacity with 19 projects in advanced development, located in Colombia, Peru, and Chile, and 1.4 GW contracted with customers.
Large-scale project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&A report.
