Cero Generation announces it has reached financial close on a portfolio of five solar projects in the Palencia region of Spain, with a total installed capacity of 244.7 MWp.
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 of renewable energy per year, equivalent to powering close to 150,000 homes and avoiding over 175,000 tonnes of CO2e emissions, and Cero will also deliver biodiversity benefits at the project sites.
Cero’s 26GW portfolio is one of the largest in Europe, with over 600MW 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, Rabobank 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 said:“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 said: “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 said: “We are delighted to partner with Cero Generation in this Spanish landmark PV project that will contribute to the decarbonization 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 said: “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, commented: “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, stated: “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 investments 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.”
Notes to editors
Media enquiries contact: Charlie.Geller@cerogeneration.com
About Cero Generation
Cero Generation is a leading IPP, specialised in developing, constructing and operating solar energy and battery storage projects, accelerating the delivery of a net-zero future across Europe.
Powered by an experienced team that brings world-class industry, commercial, engineering and environmental expertise to its projects, Cero is active through every stage of the lifecycle, from planning and construction to operation. It works closely with local development partners, suppliers and stakeholders to deliver high-impact projects that positively benefit the environment and community.
Cero Generation is a Macquarie Asset Management portfolio company, operating on a stand-alone basis.
About Elmya EPC
Elmya is a Spanish-based company specialised in renewable energy with a rich history and a dynamic presence in the global energy sector.
Founded in 1966 as a high-voltage contractor, Elmya evolved into a renewable energy expert, with a focus on designing, developing, building, and operating solar photovoltaic (PV), storage projects and green hydrogen.
Over the past 20 years, the company has connected more than 3 GWp to the grid worldwide, furthermore, the company is currently developing over 7 GW of renewable projects across Europe, showcasing its significant experience and expertise in the field.
Elmya employs over 500 skilled professionals, positioned at the forefront of the renewable energy industry.
They are dedicated to driving progress in the sector, skilfully managing risks, adeptly seizing
opportunities, and providing prompt, dependable solutions in the ever-evolving landscape of
renewable energy.
About Metlen
Metlen Energy & Metals – evolution of MYTILINEOS Energy & Metals – is a multinational industrial and energy company, a leader in the metallurgy and energy industries, focused on sustainability and circular economy.
The Company is listed on the Athens Stock Exchange, with a consolidated turnover and EBITDA of €5.492 billion and €1.014 billion, respectively. Metlen is a reference point for competitive green metallurgy at the European and global level, whilst operating the only vertically integrated bauxite, alumina and primary aluminum production unit in the European Union (E.U.) with privately owned port facilities.
In the energy sector, Metlen offers comprehensive solutions, covering thermal and renewable energy projects, electricity distribution and trading, alongside investments in grid infrastructure, battery storage, and other green technologies. The Company is active in the markets of all five continents, in 40 countries, adopting a full-scale synergetic model between the Metallurgy and Energy Sectors, while undertaking end-to-end development of major energy infrastructure projects.
For more information, please visit: www.metlengroup.com | Facebook | Twitter | YouTube | LinkedIn
About LONGi
Founded in 2000, LONGi is committed to being the world’s leading solar technology company, focusing on customer-driven value creation for full scenario energy transformation.
Under its mission of ‘making the best of solar energy to build a green world’, LONGi has dedicated itself to technology innovation and established five business sectors, covering mono silicon wafers cells and modules, commercial & industrial distributed solar solutions, green energy solutions and hydrogen equipment. The company has honed its capabilities to provide green energy and has more recently, also embraced green hydrogen products and solutions to support global zero carbon development. www.longi.com
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