Cero seals financing to develop Spanish renewable energy projects

Financing for the construction of the portfolio has been secured by a consortium of third-party lenders – Banco Sabadell, Rabobank, and ING – who are highly experienced in the Spanish renewables market.

The five utility scale solar projects will be underpinned by 10-year power purchase agreement (PPA) with an international technology company.

With financing secured, construction on the projects will commence imminently. Elmya and Metlen have been selected as EPC contractors and LONGi will supply the solar modules. Over 200 people will be involved in constructing the solar projects, leading to the creation of local jobs during the construction phase.

As part of the project development programme, Cero will support conservation programmes in the Castilla y Leon autonomous community over the coming years.

Cero is grateful for the support it received in progressing these projects from the Municipalities of Becerril De Campos, Perales, Husillos, Monzón De Campos, Herrera De Pisuerga, Páramo De Boedo, San Cristóbal De Boedo, Villaumbrales, and Grijota.
The five projects are expected to deliver more than 480 GWh/y of renewable energy, equivalent to powering close to 150 000 homes and avoiding over 175 000 t of CO₂e emissions, and Cero will also deliver biodiversity benefits at the project sites.

Cero’s 26 GW portfolio is one of the largest in Europe, with over 600 MW of projects in operation or under construction.

Marta Martinez Queimadelos, CEO of Cero Generation, said: “We are delighted to reach financial close on this portfolio which was achieved through close collaboration with all of the key stakeholders including our lending partners, Sabadell, Ra-bobank, and ING and our supply chain partners, Elmya, Metlen and LONGi.

“We look forward to constructing these plants, creating job opportunities for local people and delivering a range of community benefits, and ultimately, putting more renewable energy into the Spanish transmission network.”

Roger Font, Head of Project Finance, Banco Sabadell, added: “Banco Sabadell is proud to have been selected by Cero Generation together with two other leading institutions to finance a project such as this, which will contribute to further develop the renewable energies in Spain and help achieve the country’s goals. Banco Sabadell has demonstrated in the past years to support the financing of the renewable projects in the countries where we have presence, and we will continue to do so in the future and hope to work with Cero Generation on future projects.”

Stefan Hogewoning, Director Project Finance Europe, Rabobank, commented: “Rabobank Project Finance is delighted to support Cero Generation’s further growth in the Spanish solar PV market. Financing the construction of this solar portfolio fits well within Rabobank’s banking for the energy transition strategy and we look forward to supporting Cero as they continue to build out their portfolio of renewable energy assets around the globe.”

David Mesia, Head of Energy Sector Coverage Spain & Portugal, ING, stated: “We are delighted to partner with Cero Generation in this Spanish landmark PV project that will contribute to the decarbonisation of the region and support the strong ambition of the Spanish Government towards increasing penetration of renewable energy generation. With this transaction, we keep on embracing our strategy of supporting energy transition across our global network with highly sophisticated financing solutions tailored made to meet our clients’ needs.”

Gerardo Rodriguez Pagano, Managing Director, Elmya EPC, explained: “Cero Generation is a strategic client for Elmya EPC. Following the success of our joint projects in Italy, collaborating in Spain had become a top priority for us. This milestone confirms Elmya EPC’s position as industry leaders in Spain. We are fully committed to ensuring the success of these projects for both companies, and I have no doubt that we will achieve it.”

Leon Zhang, President of LONGi Utility Europe, said: “LONGi is honoured to be the key supplier for this landmark project. This initiative signifies a major milestone in our collective mission to propel the global transition towards renewable energy. By integrating LONGi’s cutting-edge solar technology with Cero’s expertise in solar asset development, we are setting a new standard for industry excellence.”

Nikos Papapetrou Executive Director, M Renewables – METLEN Energy & Metals, concluded: “We are excited to partner with Cero Generation in this very important project. METLEN Energy & Metals is a global contractor of complex, large scale solar energy projects and energy storage projects, providing reliable solutions across the project development spectrum, from standalone projects to complex hybrid systems. The company is the preferred constructor for the photovoltaic in-vestments of some of the most well-known institutional investors/international companies in the field of solar energy and is glad to cooperate with Cero Generation continuing its successful route in the Iberian Peninsula, contributing to the environmental goals that have been set.”

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