Velto Renewables has completed an €800 million refinancing of one of Spain’s largest portfolios of operational solar photovoltaic assets, providing the company with greater financial flexibility as it pursues an ambitious expansion strategy across the Iberian Peninsula.
The refinancing covers a portfolio of 76 solar photovoltaic plants with a combined installed capacity of 218 MWp. The facilities operate under Spain’s regulated RECORE remuneration regime established by Royal Decree 413/2014, providing long-term revenue stability for renewable energy projects commissioned under earlier support schemes.
Rather than funding new construction, the transaction restructures the financing of assets that have been operating for several years. According to the company, the refinancing simplifies the debt structure of the portfolio, strengthens its balance sheet and creates additional flexibility to manage the assets over the long term while supporting future investments.
Interviewed by The Voice of Renewables, Lucas de Haro, Chief Executive Officer of Velto Renewables said: “The refinancing has been structured as part of our 2026–2030 strategy, Operational Excellence as the Foundation for Growth. The underlying portfolio was acquired in 2020, and this transaction streamlines its debt structure while Velto continues to optimise its long-term operations.”
Chief Financial Officer Álvaro Gispert described the refinancing as a technically demanding process involving multiple lenders and advisors.
“The project required close coordination among financial institutions, advisors and internal teams to successfully execute a highly complex transaction. The outcome is a more efficient and flexible financing structure that further strengthens the company’s financial position,” he said.
The financing syndicate included Crédit Agricole CIB, Export Development Canada, BBVA, BNP Paribas, Abanca, ING, Deutsche Bank and CaixaBank. Financial advisory services were coordinated by Kenta Capital, with legal, technical and insurance support provided by several specialist firms.
Building a larger Spanish renewable energy platform
The refinancing reflects a broader trend across Europe’s renewable energy sector, where owners of mature operating assets are increasingly refinancing existing debt to release capital, reduce financing costs and improve returns rather than relying solely on new equity investment.
For Velto Renewables, Spain remains its largest market. The company owns more than 600 MW of operational solar capacity across the country, making it one of the significant independent producers outside the large integrated utilities. Much of this portfolio was assembled through acquisitions rather than greenfield development, allowing the company to establish an immediate operational presence following its launch in 2020.
However, Velto’s ambitions extend well beyond operating existing plants. The company is currently developing more than 1 GW of new renewable energy projects across the Iberian Peninsula, with Spain expected to account for the majority of future investment. These projects include utility-scale solar developments and hybrid renewable installations designed to maximise grid utilisation and improve generation profiles.
Spain remains one of Europe’s most attractive renewable energy markets, benefiting from high solar irradiation, a mature transmission network and strong demand for clean electricity from both industrial consumers and corporate power purchase agreement (PPA) buyers. At the same time, developers increasingly face challenges including grid connection constraints, permitting delays and growing competition for suitable land.
As a result, companies with established operating portfolios and strong financial backing are generally better positioned to secure financing for future developments.
Beyond Spain
Although Spain represents the cornerstone of its business, Velto has steadily diversified its European portfolio.
In neighbouring France, the company owns operational photovoltaic assets, while in the United Kingdom it holds a 25% stake in the 630 MW London Array offshore wind farm, one of the world’s largest offshore wind projects. The investment gives Velto exposure to offshore wind alongside its core solar business and reflects its strategy of building a multi-technology renewable generation portfolio.
The company is backed by La Caisse, formerly known as CDPQ, one of Canada’s largest institutional investors. The long-term investment approach adopted by its shareholder has enabled Velto to focus on acquiring and optimising operational renewable assets while selectively pursuing new development opportunities.
The latest refinancing therefore represents more than a financial transaction. It strengthens the foundations of Velto’s existing Spanish portfolio while positioning the company to participate in the next phase of renewable energy growth across Spain and the wider European market, where operational excellence and access to competitive financing are becoming increasingly important competitive advantages.
