Published by Global Banking & Finance Review®
Posted on July 2, 2025
2 min readLast updated: January 23, 2026
Zelestra secures $280M to expand renewable projects globally, with plans to reach 40 GW capacity by next year. The loan matures in March 2029.
MADRID (Reuters) -Spain's Zelestra has secured a 235 million euro ($277 million) increase to an existing loan scheme which will help it develop renewable energy projects in Europe, the U.S and elsewhere, Chief Executive Leo Moreno told Reuters.
Owned by Swedish investment firm EQT and previously known as Solarpack, Zelestra has been expanding beyond solar power to wind energy and storage assets.
The sustainability-linked financing, provided by a pool of 11 banks, dates back to 2023. This marks the second increase after one last year and brings the value of the loan to 770 million euros, CFO Xavier Puig said.
The loan now has an extra year before it matures - which will be in March 2029, he added.
Zelestra has more than 5 gigawatts (GW) contracted in long-term agreements with customers and plans to have 9 GW by the end of next year, Moreno said.
The funds will be used to fuel growth in its core markets: the U.S., Spain, Italy, Germany, India and Latin America.
"The large increase of this corporate facility demonstrates the confidence that the financing sector has in us," he said.
Credit Agricole CIB is the agent bank for the loan while HSBC is the sustainability advisor.
Zelestra has a pipeline of 29 GW of renewables projects at various stages of development. It wants to reach 40 GW by the end of next year.
It has earmarked 5 billion euros through 2026 to fuel its growth, part of which has been invested in projects that are now operating.
($1 = 0.8475 euros)
(Reporting by Pietro Lombardi; Editing by Inti Landauro and Edwina Gibbs)
Zelestra secured an additional 235 million euros, which is approximately $277 million.
The total value of the loan has increased to 770 million euros after this latest financing round.
Zelestra plans to expand its renewable energy capacity from 5 gigawatts to 9 gigawatts by the end of next year.
The financing was provided by a pool of 11 banks, with Credit Agricole CIB acting as the agent bank and HSBC serving as the sustainability advisor.
The funds will be utilized to fuel growth in core markets including the U.S., Spain, Italy, Germany, India, and Latin America.
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