Velto Renewables, a Madrid-based independent renewable energy producer with a long-term asset ownership strategy, has completed an €800 million ( US$910.62 million ) refinancing for a portfolio of 76 operational solar photovoltaic plants in Spain, representing 218 megawatts ( peak ) of installed capacity.

The lenders are Crédit Agricole CIB, Export Development Canada ( EDC ), BBVA, BNP Paribas, Abanca, ING, Deutsche Bank, and CaixaBank.

Kenta Capital acted as the financial and hedging coordinator. Garrigues was legal counsel to the lenders. Gómez-Acebo & Pombo, Watson Farley & Williams and Ramón y Cajal represented Velto Renewables. Enertis was technical adviser while Howden acted as insurance adviser.

The refinancing covers a portfolio of assets operating under Spain’s regulated Recore framework. The new financing structure strengthens the company’s long-term capital structure, enhances financial flexibility and supports the continued optimization of the portfolio’s operational performance, while also simplifying the group’s corporate structure.

Established in 2020, Velto Renewables is backed by the global investment group La Caisse ( formerly CDPQ ). Velto currently owns more than 600MW of operating and under-construction solar PV and wind projects in Spain and France, manages a 25% investment in a 630MW offshore wind farm in the United Kingdom, develops over 1GW of greenfield projects in Iberia, and is seeking to grow its portfolio by becoming a local player in the countries and regions where it invests.