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
Zelestra Secures Additional $280 Million for Renewable Energy Ventures
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)
