Madrid-based renewable energy developer Zelestra has secured a $600 million green financing facility to advance two large-scale solar projects in Texas, marking a significant step forward in its U.S. expansion strategy.
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The financing, arranged by Société Générale and HSBC, will support the ongoing construction of the 253 MWdc Echols Grove Solar Project in Lamar County and the 188 MWdc Cedar Range Solar Project in Hopkins County. Both projects broke ground in January 2026 and are expected to reach commercial operation by the end of 2027.
Serving as the engineering, procurement and construction contractor, McCarthy Building Companies is leading delivery across both sites.
Together, the projects represent 441 MWdc of new solar capacity and form part of a broader clean energy partnership with Meta Platforms Inc., which has signed long-term power purchase agreements (PPAs) for the output.
Spanning approximately 2,400 acres, the Echols Grove and Cedar Range developments will deploy roughly 704,000 bifacial solar modules using single-axis tracking systems — a standard configuration in the ERCOT market.
The sites were strategically selected for their favorable conditions, including flat terrain, high solar irradiance and strong access to transmission infrastructure. These characteristics have made northeast Texas a hotspot for utility-scale solar development.
Once complete, the projects are expected to:
This buildout reflects a broader trend of renewable developers targeting ERCOT due to its deregulated structure and growing electricity demand, particularly from data centers and AI-driven infrastructure.
The $600 million facility is structured as a green financing instrument aligned with global ESG standards, enabling access to capital from sustainability-focused investors.
Such financing models have become increasingly common in the U.S. solar sector, particularly for projects backed by long-term PPAs with creditworthy counterparties. In this case, Meta’s investment-grade profile strengthens the financial viability of the projects and supports favorable lending terms.
The deal also highlights the continued role of major financial institutions in scaling renewable infrastructure, as banks seek to expand their green lending portfolios amid rising demand for clean energy assets.
The Texas projects are part of a larger 1.2 GWdc collaboration between Zelestra and Meta, spanning seven solar developments across the United States.
Meta’s approach to renewable procurement emphasizes “additionality,” meaning its agreements directly fund new clean energy capacity rather than relying on existing generation credits. This strategy has positioned the company as one of the world’s largest corporate buyers of renewable energy.
The partnership builds on earlier milestones, including the operational Jasper County Solar Project in Indiana and the recently signed Skull Creek project in Texas. Together, these developments reinforce a pipeline designed to support Meta’s long-term sustainability goals.
Texas continues to dominate utility-scale solar development in the U.S. due to a unique combination of factors:
Additionally, the use of bifacial modules and tracking systems improves energy yield, enhancing project economics and making large-scale solar increasingly competitive with traditional generation sources.
The financing and construction of these projects underscore several key industry trends:
As Zelestra advances its 15 GW U.S. pipeline, projects like Echols Grove and Cedar Range are expected to serve as templates for future solar developments combining strong financial backing, advanced technology and long-term corporate demand.
Originally reported by Construction Review Online.
