Velto Renewables, an independent renewable energy producer backed by La Caisse (formerly CDPQ), has completed a refinancing transaction of more than €800 million (~$914 million) for a portfolio of 76 operational solar photovoltaic projects in Spain with a combined installed capacity of 218 MWp.

The refinancing covers assets operating under Spain’s Regulated Renewable Energy, Cogeneration and Waste (RECORE) framework.

Velto Renewables said the new financing structure is intended to strengthen its long-term capital structure, increase financial flexibility, support continued optimization of the portfolio’s operational performance, and simplify the group’s corporate structure.

The refinancing was arranged with the participation of Crédit Agricole Corporate and Investment Bank, Export Development Canada, BBVA, BNP Paribas, Abanca, ING, Deutsche Bank, and CaixaBank.

Lucas de Haro, CEO of Velto Renewables, stated: “This refinancing is structured as part of our 2026-2030 strategy: “Operational Excellence as the foundation for Growth”. The relevant portfolio was acquired in 2020; this transaction rationalizes its debt structure as Velto continues to optimize long-term operations.”

Several advisory firms supported the transaction. Kenta Capital served as financial and hedging coordinator. Garrigues acted as legal counsel to the lenders. Gómez-Acebo & Pombo, Watson Farley & Williams, and Ramón y Cajal advised Velto Renewables as legal counsel. Enertis served as technical advisor, while Howden acted as insurance advisor.

The company said the refinancing forms part of its financial strategy to support future growth and improve the management of one of its core operating portfolios. Velto Renewables said the transaction also strengthens the financial position of the solar assets acquired in 2020 and supports its plans to pursue additional investment opportunities in the European renewable energy sector.

In September 2025, the company announced it would acquire a portfolio of regulated solar projects totaling 163 MW from Helia II FCR, an investment vehicle for renewable assets launched by Bankinter Investment SGEIC and Plenium Partners. The combined portfolio comprised 53 operational projects across multiple regions of Spain, with a total capacity of 260 MW. The enterprise value of the transaction is estimated at €1.1 billion (~$1.3 billion).

According to Mercom’s recently released Q1 2026 Solar Funding and M&A report, announced large-scale solar project funding increased by 61% year over year in Q1 2026.