Velto Renewables has completed a refinancing package exceeding USD 913 million covering a portfolio of 76 operational solar photovoltaic plants in Spain, the Madrid-based independent power producer announced on July 8, 2026. The transaction encompasses 218 megawatts peak of installed capacity and involves eight major financial institutions spanning Europe and Canada.

Portfolio Background and Regulatory Framework

The assets at the centre of the transaction were acquired by Velto Renewables in 2020 and operate under Spain's regulated RECORE framework, established by Royal Decree 413/2014.

This regulatory regime governs renewable energy installations that receive a specific remuneration structure from the Spanish state, providing a degree of revenue predictability that typically underpins large-scale project finance deals of this nature.

The 76 plants collectively represent a core operating portfolio for Velto Renewables, and the refinancing was designed in part to rationalize the debt structure that had been in place since the portfolio's acquisition six years ago. According to the company, the new structure also simplifies the group's corporate organization alongside delivering financial benefits.

Structure of the Transaction

The refinancing was executed with the participation of eight lending institutions: Crédit Agricole through its corporate and investment banking arm CA-CIB, Export Development Canada, BBVA, BNP Paribas, Abanca, ING, Deutsche Bank, and CaixaBank.

The breadth of the banking group reflects the scale and complexity of a deal that consolidated financing across seven dozen individual generating assets operating under a regulated Spanish framework.

A substantial advisory team supported both sides of the transaction. Kenta Capital served as Financial and Hedging Coordinator. On the legal side, Garrigues acted as counsel to the lenders, while Velto Renewables was advised by three separate law firms: Gómez-Acebo and Pombo, Watson Farley and Williams, and Ramón y Cajal. Enertis provided technical advisory services, and Howden acted as insurance advisor.

Velto's chief financial officer, Álvaro Gispert, described the coordination requirements of the deal. "The project required close coordination among financial institutions, advisors, and internal teams to successfully execute a highly complex transaction," he said. "The outcome is a more efficient and flexible financing structure that strengthens the company's financial position."

Strategic Context

Velto Renewables' chief executive officer, Lucas de Haro, positioned the refinancing within a five-year strategic plan running from 2026 to 2030, which the company has framed around the concept of operational excellence as a foundation for growth.

"This refinancing is structured as part of our 2026-2030 strategy," de Haro said. "The relevant portfolio was acquired in 2020; this transaction rationalizes its debt structure as Velto continues to optimize long-term operations."

The company stated that the new financing structure is intended to enhance financial flexibility, support continued optimization of operational performance across the portfolio, and underpin the company's broader platform for future investment activity in the European renewable energy sector.

Velto Renewables' Wider Portfolio

Velto Renewables was established in 2020 and is backed by La Caisse, the global investment group formerly known as CDPQ. The company describes itself as an independent power producer with a long-term asset ownership strategy focused on contributing to European energy transition and global decarbonization.

Beyond the Spanish solar portfolio at the centre of this refinancing, Velto currently owns more than 600 megawatts of operating and under-construction solar photovoltaic and wind projects across Spain and France.

The company also holds a 25 percent investment in a 630-megawatt offshore wind farm in the United Kingdom and is developing more than one gigawatt of greenfield projects in the Iberian Peninsula.

The company has stated its ambition to grow its portfolio by establishing a local presence in the countries and regions where it invests, suggesting a model of geographic expansion tied to operational depth rather than purely financial participation.

Significance for Project Finance in European Renewables

The transaction illustrates continued appetite among major European and international financial institutions for regulated renewable energy assets in Spain.

The involvement of Export Development Canada alongside a group of European banks reflects the international investor base that has developed around Spanish solar infrastructure, where the RECORE framework provides a structured revenue environment distinct from merchant or corporate power purchase agreement-backed projects.

The deal also demonstrates the continued use of portfolio-level refinancing as a tool for independent power producers to optimize capital structures as assets mature beyond their initial acquisition financing.

For Velto, which assembled this portfolio in 2020, the 2026 refinancing marks a transition from the initial investment phase toward a longer-term operational and financial footing aligned with the company's stated 2026-2030 strategic priorities.

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