Zelestra Secures $350 Million for Meta-Backed Reclamation Solar

Zelestra has secured $350 million in green project financing for its 203 MW Reclamation Solar project in Gibson County, Indiana, taking the company’s total US project financing in 2026 to $1.14 billion. CIBC, BBVA and Societe Generale provided the credit facilities for the project, which is backed by a long-term power purchase agreement with Meta and is expected to begin operations by the end of 2027. Across its US portfolio, Zelestra says this year’s financing is supporting more than 800 MW of new solar construction.

 

The Meta PPA Gives Lenders Long-Term Revenue Visibility

 

Reclamation’s long-term PPA with Meta provides a contracted customer for the project’s electricity, giving lenders greater certainty over future revenues. That structure is increasingly important for large renewable projects serving corporate power demand, particularly as hyperscalers expand data centers and other electricity-intensive infrastructure across the US.

The financing also shows how corporate PPAs can help move projects from development into construction. With a committed offtaker, Zelestra has brought together three major banks for a $350 million financing package while keeping the project on track to operate in 2027.

 

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US Financing Has Crossed $1 Billion in One Year

 

The Reclamation close takes Zelestra’s US project financing for 2026 to $1.14 billion, funding more than 800 MW of new solar capacity. That gives the latest deal significance beyond the 203 MW Indiana project itself, showing the pace at which the company is converting its US development pipeline into financed assets.

Zelestra is developing about 16 GW across US markets, giving it a much larger pipeline beyond the projects already under construction. The company is increasingly positioning that portfolio around the power needs of hyperscalers and large corporate buyers, where long-term electricity demand can support financing for new renewable capacity.

 

Former Coal Land Is Being Reused for New Generation

 

Reclamation is being built on land previously used for coal mining in southwest Indiana. The project name reflects that history, with the site having been reclaimed before its redevelopment for solar generation.

That gives the project an additional transition angle. Rather than developing an untouched site, Zelestra is putting new renewable infrastructure on land associated with an earlier phase of the energy system. The company expects construction to support around 200 jobs at its peak.

 

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Three Banks Are Backing the Project

 

CIBC acted as Left-Lead Arranger, with BBVA and Societe Generale also providing financing. The participation of multiple international banks reflects continued appetite for large-scale renewable projects with contracted corporate demand.

Ines Serrao, Head of U.S. Project Finance & Infrastructure at CIBC, said the deal demonstrates the bank’s ability to support large renewable projects as US electricity demand grows. For Zelestra, maintaining access to this type of financing will be important if it is to continue moving projects through a 16 GW development pipeline.

 

The Next Test Is Converting the 16 GW Pipeline

 

Reclamation is already under construction and is due online by the end of 2027. Delivering the project on schedule will be the immediate test, but the broader measure will be how quickly Zelestra can repeat the financing model across other projects.

Crossing $1 billion in project financing within a year gives the company a strong funding base for its current construction programme. The next phase will show whether long-term corporate demand, particularly from large technology companies, can continue supporting the scale of renewable buildout Zelestra is targeting in the US.

 

Source: Zelestra