Zelestra, a renewable energy project developer, reached financial close for the 242 MWdc Babilonia solar project in Perú, through a $176 million project green financing package. The facility has been agreed with Natixis CIB and BBVA Perú.
The Babilonia solar project is part of the La Joya complex in Arequipa, which is expected to have a total planned capacity of nearly 700 MW. This comprises Zelestra’s operational 300 MW San Martin project and the 125 MW San Joaquin project, which is in advanced development.
Celepsa, a company in the Peruvian electricity sector, has signed a long-term power purchase agreement for the electricity generated by the project.
Construction on the project began last month, led by Zelestra’s internal EPC division. The project is expected to support over 500 direct jobs during the construction.
Xavier Puig, CFO of Zelestra, said, “The green financing package for Babilonia is a significant transaction for Zelestra. This agreement reaffirms the confidence that major global financial partners have in our customer-first strategy and our project execution capabilities in multiple markets. Our internal EPC division recently kicked off the construction programme, and we look forward to delivering the energy on time for our customer Celepsa.”
In 2026, the company signed multiple financing agreements, including 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.
Zelestra also secured €13 million (~$15.16 million) senior debt green financing for the development of two solar projects in Italy. The funding will be used 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.
Large-scale solar 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.
