Zelestra, a global renewable energy company focused on multi-technology and customer-centric solutions, has reached financial close for the 242 MWdc Babilonia solar PV project in Peru through a $176 million green financing package.
The financing was arranged with Natixis Corporate and Investment Banking (Natixis CIB) and BBVA Perú, reinforcing investor confidence in large-scale renewable energy projects in the country.
Babilonia strengthens Zelestra’s 16-year presence in Peru and is part of the La Joya solar complex, located in the southern region of Arequipa. Once completed, the complex is expected to reach nearly 700 MW of installed capacity, positioning it among the largest solar hubs in the country.
The La Joya complex includes:
| Project | Capacity | Status |
|---|---|---|
| San Martín | 300 MW | Operational |
| Babilonia | 242 MWdc | Under construction |
| San Joaquín | 125 MW | Advanced development |
The Babilonia project was enabled by a long-term Power Purchase Agreement (PPA) with Celepsa, one of Peru’s leading electricity generation and commercialization companies. PPAs are long-term contracts that guarantee the purchase of electricity, providing revenue stability for renewable energy developers and facilitating project financing.
Construction of the solar PV plant began last month and is being led by Zelestra’s in-house EPC division (Engineering, Procurement and Construction). During the construction phase, the project is expected to create more than 500 direct jobs.
Once operational, Babilonia will generate enough clean solar power to supply electricity to approximately 350,000 households in Peru, contributing to the country’s renewable energy expansion and grid decarbonization.
Xavier Puig, Chief Financial Officer of Zelestra, said the financing represents a key milestone for the company.
“The green financing package for Babilonia is a significant transaction for Zelestra. This agreement reaffirms the confidence that leading global financial partners place in our customer-focused strategy and our ability to deliver projects across multiple markets,” Puig stated. “Our in-house EPC division has recently launched the construction program, and we expect to deliver the energy on schedule for our client Celepsa.”
Zelestra is currently one of the main renewable energy developers in Peru, with around 600 MW of capacity in operation or under construction and a development pipeline exceeding 1.5 GW, highlighting the growing investment momentum in solar PV and other clean energy technologies across the country.
