Spanish renewable energy giant Zelestra has secured hundreds of millions of dollars in fresh funding to turbocharge its growth across Europe, the United States, and beyond in the latest sign that investors are betting big on clean energy, Reuters reported.
The latest funding boost, worth €235 million ($274.4 million), will allow the company to increase the number of projects it has in the pipeline after a period of expansion beyond its original focus of solar power into wind energy and storage.
Owned by Swedish investment firm EQT, Zelestra was formerly known as Solarpack. The new financing, provided by a group of 11 banks, comes as an addition to a previous loan and brings the total amount Zelestra can borrow to €770 million. The deadline to repay the loan has also been pushed back to March 2029.
Zelestra CEO Leo Moreno told Reuters the funding "demonstrates the confidence that the financing sector has in us."
The investment underlines the financial opportunities associated with clean energy, despite setbacks for the sector on the stock market in recent years. Global renewable energy capacity increased by 52% in the five years to 2023, while last year 80% of the increase in global power generation came from renewables and nuclear, Morningstar reported.
Moreover, according to the International Renewable Energy Agency, the global renewables sector employed 13.7 million people in 2022, up from 7.3 million in 2012 — reflecting a near doubling in workforce over a decade.
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All that is despite U.S. President Donald Trump's policies to prioritize oil and gas production, roll back renewable energy incentives, pull out of the Paris Climate Agreement, and expedite drilling and energy infrastructure projects.
It comes after a report by the International Energy Agency in 2024 that said tripling clean energy worldwide by 2030 is doable.
That would also help people's wallets, cutting global energy costs by nearly 10% by doubling energy efficiency alongside the renewable boost. For Americans, that means more affordable electric vehicles and heat pumps, while developing countries will get clean cooking equipment and more efficient cooling systems.
As for Zelestra, the money will help the company increase the clean energy it has promised to deliver from 5 gigawatts to 9 by the end of next year. It also has projects totaling 29 GW at different stages of progress. Zelestra hopes to reach 40 GW by 2026.
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