Spanish-headquartered renewable energy company Zelestra won the 2026 award for Sustainable investment initiative of the year (for corporates), with one judge praising it as "a great example of an institutionalised SLL (sustainability-linked loan)" and commenting that it is "good to see renewed commitment to an existing structure".

Zelestra's sustainability-linked corporate financing structure was launched in 2023 and has been renewed and expanded in 2024 and 2025, reaching a total of €770 million ($890 million).

The financing links corporate funding to Zelestra's decarbonisation and social impact objectives through two core KPIs: annual greenhouse gas emissions avoided and number of community centres of social interest supported through renewable energy solutions. Zelestra believes that this ensures alignment with business strategy and decision-making.

The entry was praised for its "strong provision of case studies of renewable projects," in 2025 including a first-of-its-kind initiative with Microsoft and ECODES in Spain -integrating renewable energy procurement with a dedicated Community Benefit Fund, signing power purchase agreements with global energy company EDP, global materials science and digital identification solutions company, Avery Dennison and Tesla.

One judge commented that the SLL exemplifies how corporate‑led sustainable finance can deliver "material, measurable real‑economy impact at scale".

"The initiative is deeply embedded in corporate strategy, backed by rigorous governance, audited KPIs, and clear financial incentives. The scale of emissions avoided, integration of social impact, and sophistication of execution position this entry as a benchmark for sustainable investment initiatives in the corporate sector," the judge added.