Cero Generation has achieved financial closure for a portfolio of solar projects in Spain in a substantial advancement for the region's renewable energy sector.

The five projects, located in the Palencia region, have a combined installed capacity of 244.7 megawatts peak (MWp) and are set to commence construction.

A consortium of third-party lenders Banco Sabadell, Rabobank and ING has provided the necessary financing.

The projects will be supported by a ten-year power purchase agreement (PPA) with an undisclosed international technology company.

Elmya and Metlen have been appointed as the engineering, procurement and construction (EPC) contractors for the solar projects, while LONGi has been selected to supply the solar modules.

The construction phase will create 200 local jobs, contributing to the economic development of the Palencia region.

Cero's investment in the local community goes beyond job creation. The company has also pledged to support conservation programmes in Castilla y León in the coming years.

The five solar projects will generate 480 gigawatt hours (GWh) of renewable energy annually, enough to power 150,000 homes and cut carbon emissions by more than 175,000 tons of CO₂e [carbon dioxide equivalent] each year.

Cero's portfolio, which includes 600MW of projects either operational or under construction, is one of the largest in Europe at 26GW.

Cero Generation CEO Marta Martinez Queimadelos stated: “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, delivering a range of community benefits and ultimately putting more renewable energy into the Spanish transmission network.”