Zelestra has just inked an $113 million financing deal for an 81MW (dc) solar project in Indiana, marking a significant stride in the company’s US expansion and the broader renewable energy landscape. The Jasper County solar project, backed by a senior secured credit facility from Banco Santander, is set to go live in the fourth quarter of 2025. This isn’t just another solar project; it’s a testament to the evolving dynamics of green financing and corporate sustainability commitments.
Banco Santander’s role as the sole arranger of the facility underscores the growing appetite among financial institutions for green investments. The facility is designated as green financing under Zelestra’s Green Financing Framework, validated by DNV and assisted by BNP Paribas. This framework isn’t just a set of guidelines; it’s a roadmap for Zelestra to direct investments towards projects that generate a positive environmental impact and accelerate the transition to a low-carbon economy. It’s a bold move that challenges the norm of traditional financing and sets a precedent for other players in the sector.
The project’s long-term Environmental Attributes Purchase Agreement (EAPA) with Meta is another noteworthy aspect. This agreement is one of six that Zelestra has with Meta across the US, demonstrating the tech giant’s commitment to renewable energy and carbon neutrality. It’s a partnership that could reshape how corporations approach their energy needs and environmental responsibilities.
Sybil Milo Cioffi, Zelestra’s US CFO, hailed the financing closure as a milestone, highlighting the confidence it demonstrates in Zelestra’s strategy and team. She also emphasized the project’s significance in Zelestra’s US portfolio, with over 1GW of fully contracted projects advancing towards construction over the next two years. This is more than just a project; it’s a stepping stone in Zelestra’s journey to lead the way in major US renewable energy projects.
With a US project pipeline of nearly 7GW consisting of solar and battery projects, Zelestra is positioning itself as a key player in the US renewable energy sector. The Jasper County project is a testament to the company’s ambition and capability, but it’s also a reflection of the broader trends in the sector. The increasing demand for renewable energy, the growing appetite for green financing, and the commitment of corporations to sustainability are all factors that are shaping the sector’s development.
This news should spark debate and challenge norms. It’s a call to action for other companies to follow suit, for financial institutions to invest more in green projects, and for policymakers to create an enabling environment for renewable energy. It’s a reminder that the transition to a low-carbon economy is not just possible; it’s happening, one solar project at a time. The question is, who will lead the way next?
