Spain-based Zelestra has secured a $176 million green financing package for the 242-MWdc Babilonia solar project in Arequipa, Peru, reaching financial close with lenders Natixis Corporate & Investment Banking and BBVA Peru. The project is currently under construction.

The key signal is straightforward: capital continues to flow to projects that combine contracted revenues with execution control. Babilonia is backed by a long-term PPA with Celepsa and is being delivered through Zelestra’s in-house EPC division, reducing construction and delivery risk for lenders.

Babilonia forms part of the ~700-MW La Joya solar complex, which already includes the 300-MWdc San Martin plant commissioned in mid-2025 and the 125-MW San Joaquin project in advanced development. Once operational, Babilonia is expected to supply electricity to roughly 350,000 homes.

For lenders, the structure is clear: contracted offtake + in-house delivery + portfolio scale. That combination provides visibility on cash flows while lowering execution uncertainty during construction.

The financing also comes shortly after Zelestra announced the sale of its Peru and broader Latin America business to Promigas in December 2025, signaling continued asset rotation and capital recycling across the region as developers scale portfolios and monetize platforms.

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