Zelestra, a Spanish renewable energy company, has received an additional $280 million for financing.
Leo Moreno, chief executive of Spain's Zelestra, said that the company has received a loan increase in the amount of 235 million euros ($277 millions) to help develop renewable energy projects across Europe, America and other countries.
Zelestra, owned by the Swedish investment firm EQT (formerly known as Solarpack), has expanded beyond solar energy to include wind power and storage assets.
The sustainability-linked financing, provided by a pool of 11 banks, dates back to 2023. The loan value has increased by 770 millions euros. This is the second time the loan was raised after a previous one.
He added that the loan will now mature in March 2029 - an additional year.
Moreno stated that Zelestra had more than 5 gigawatts of power contracted with long-term customers. The company plans to reach 9 GW at the end next year.
The money will be used for growth in the company's core markets, which include the U.S.A., Spain Italy, Germany India, and Latin America.
He said that "the large increase in this corporate facility shows the confidence the finance sector has shown us."
Credit Agricole CIB acts as the agent bank and HSBC as the sustainability advisor.
Zelestra currently has 29 GW in renewables projects that are at different stages of development. It wants to reach a total of 40 GW before the end next year.
The government has allocated 5 billion euros to drive its growth through 2026. A portion of this money has already been invested in operational projects. $1 = 0.8475 Euros (Reporting and editing by Inti Lombardi, Edwina Gibbs and Pietro Lombardi)
(source: Reuters)
