PVTIME – Zelestra has achieved a significant milestone by commencing construction of its 242MWdc Babilonia solar project in Arequipa, Peru. This development is a key part of the wider La Joya renewable energy complex, which has a planned total capacity of almost 700MWdc, and shows Zelestra’s dedication to increasing access to renewable energy in the region.
The Babilonia project is one of three solar developments within the La Joya complex. The other two are the 300MW San Martín solar plant, which began operating in 2025, and a further 125MW project that remains in the development phase. The Babilonia project is scheduled to enter full commercial operation in the first half of 2027. It will incorporate approximately 394,000 bifacial solar modules and is expected to generate sufficient renewable electricity to supply around 350,000 households across Peru.
Zelestra has secured long-term support for the Babilonia project through a power purchase agreement with Celepsa. Under the terms of this agreement, all electricity generated by the project will be supplied to regulated consumers, as well as to the mining and industrial sectors, thereby ensuring a stable off-take arrangement for the development.
Zelestra’s broader renewable energy objectives are supported by a €130 million syndicated equity-bond facility finalised with Santander in February 2026. Backed by Spain’s Instituto de Crédito Oficial and Compañía Española de Seguros de Crédito a la Exportación, this financing arrangement will facilitate the delivery of around 500MW of contracted projects in Italy, Germany, and the United States.
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