Zelestra Secures $176 Million Green Financing For 242 MW Babilonia Solar Project In Peru

Zelestra, a global renewable energy company that works across multiple technologies and focuses on delivering solutions for its customers, has successfully reached financial close for the Babilonia solar project in Peru. The project has secured a green financing package worth 176 million dollars through an agreement with Natixis Corporate & Investment Banking and BBVA Perú. This financing marks an important step in moving the project forward and reflects strong support from major financial institutions for renewable energy development in the region.

The Babilonia solar project will have a generation capacity of 242 MWdc and will play an important role in strengthening Zelestra’s presence in Peru, where the company has been active for the past 16 years. The project forms part of the larger La Joya solar complex located in the Arequipa region. Once all planned projects within the complex are completed, the La Joya site is expected to reach a total capacity of nearly 700 MW, making it one of the major solar developments in the country.

The La Joya complex already includes the 300 MW San Martín solar plant, which is currently operational and supplying renewable electricity. In addition, the 125 MW San Joaquin solar project is in an advanced stage of development and is expected to further increase the site’s renewable generation capacity once completed. The Babilonia project will add another significant component to this growing clean energy hub.

The development of Babilonia has been supported by a long-term power purchase agreement with Celepsa, one of the leading companies in the Peruvian electricity sector. Through this agreement, Celepsa will purchase the electricity produced by the solar plant over a long period, providing financial stability for the project while ensuring a steady supply of clean power for the country’s energy market.

Construction of the Babilonia solar plant began last month and is being carried out by Zelestra’s internal Engineering, Procurement and Construction division. By handling the project through its own EPC team, the company aims to maintain strong oversight of construction activities, manage project timelines efficiently, and ensure high standards in quality and safety throughout the development process.

The project is also expected to bring economic benefits to the region during its construction phase. More than 500 direct jobs will be created while the solar facility is being built, supporting local employment and contributing to the regional economy. Once the plant becomes operational, it will generate enough renewable electricity to supply around 350,000 homes across Peru, helping reduce reliance on traditional energy sources and supporting the country’s transition toward cleaner power generation.

According to Xavier Puig, securing the green financing for the Babilonia project represents a significant milestone for the company. He explained that the agreement highlights the confidence that international financial partners have in Zelestra’s customer-focused strategy and its ability to successfully deliver renewable energy projects in different markets. Puig also noted that construction has already begun under the leadership of the company’s EPC division and that Zelestra is committed to delivering the project on schedule for its customer, Celepsa.

Zelestra continues to strengthen its position as an important renewable energy developer in Peru. At present, the company has around 600 MW of renewable energy projects either already in operation or under construction in the country. In addition to these ongoing developments, Zelestra has a strong pipeline of future projects with a potential capacity of more than 1.5 GW, which demonstrates its long-term commitment to expanding clean energy infrastructure in Peru.

A representative from BBVA Perú also highlighted the importance of this milestone. The bank stated that the financial close of the Babilonia project represents a positive step for the growth of Peru’s renewable energy sector. BBVA expressed its satisfaction in supporting Zelestra through this green financing arrangement and reaffirmed its commitment to sustainable finance and to the continued development of clean energy infrastructure in the country.