Madrid based Zelestra has reached financial close for the 242 MW (DC) Babilonia solar project in Peru with $176 million green financing package arranged by Natixis CIB and BBVA Perú. The project forms part of the La Joya solar complex in Arequipa which is planned to reach nearly 700 MW of total capacity. The complex also includes the 300 MW San Martín plant, already operational and the 125 MW San Joaquin project currently under development. Babilonia is supported by a long-term power purchase agreement with Celepsa, a major electricity company in Peru. Construction began last month and is being executed by Zelestra’s internal EPC division. During construction, the project is expected to create more than 500 direct jobs and once operational, generate enough electricity to supply approximately 350,000 homes in Peru.