Zelestra Secures €146.6m Green Financing Led by Rabobank and BNPP
Deal News | Jun 02, 2025 | Iberian Lawyer
Watson Farley & Williams has advised Rabobank and BNP Paribas on a €146.6 million green financing deal provided to Zelestra. The funds are designated for the construction of six solar photovoltaic (PV) plants with a total capacity of 237 megawatts in Castilla-La Mancha, Spain, expected to be operational by 2026. Zelestra, a prominent global renewable energy company backed by the large-scale fund EQT, is at the forefront of developing extensive renewable energy projects. The deal underscores the importance of channelling financial resources into sustainable initiatives to contribute to Spain’s efforts of decarbonization. The legal advisory was managed by the Banking & Finance Madrid team, led by partner Rodrigo Berasategui.
Sectors
- Renewable Energy
- Financial Services
- Legal Services
Geography
- Spain – The funding is directed towards the construction of solar PV plants in Castilla-La Mancha, Spain.
- Europe – The private equity firm backing Zelestra, EQT, is a European investment firm.
Industry
- Renewable Energy – The article discusses green financing to support renewable energy projects, specifically solar PV plants in Spain.
- Financial Services – It involves financial institutions such as Rabobank and BNP Paribas leading the financing arrangement.
- Legal Services – Watson Farley & Williams provided legal advisory services for the involved financial arrangements.
Financials
- €146.6 million – The green financing amount allocated for the construction of solar PV plants.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Zelestra | Target Company | Company | A customer-focused renewable energy company backed by EQT, involved in large-scale energy projects. |
| Rabobank | Lender | Company | A Dutch multinational banking institution acting as a mandated lead arranger for the financing. |
| BNP Paribas | Lender | Company | A French international banking group acting as a mandated lead arranger for the financing. |
| Watson Farley & Williams | Legal Advisor | Company | A law firm that advised Rabobank and BNP Paribas in the green financing deal. |
| EQT | Backer | Company | One of the world's largest funds, backing Zelestra with over €273 billion of assets under management. |
| Rodrigo Berasategui | Partner | Person | Lead partner in the Banking & Finance Madrid team at Watson Farley & Williams. |