Zelestra has initiated construction of the 242 MWdc Babilonia solar project in Arequipa, Peru. It will involve the installation of approximately 394,000 bifacial solar modules. Commercial operations are scheduled to commence in the first half of 2027. The development has been secured under a long-term power purchase agreement with Celepsa. The electricity generated under the agreement with Celepsa will be supplied to regulated, mining, and industrial consumers.
Once operational, the project is expected to generate sufficient renewable electricity to serve around 350,000 households in Peru. Babilonia is part of the La Joya complex, which has a planned capacity of nearly 700 MWdc. The complex also includes the 300 MW San Martín solar plant, operational from 2025, and an additional 125 MW project that is currently under development.
In February 2026, Zelestra finalised a syndicated equity-bond facility worth approximately €130 million with Santander, with support from Instituto de Credito Oficial and Compañía Española de Seguros de Crédito a la Exportación. The financing arrangement is expected to support around 500 MW of contracted projects located in Italy, Germany, and US.
