Zelestra has successfully closed a $113m (€99.46m) project financing credit facility for its 81MWdc (megawatts direct current) Jasper County solar plant in Indiana, US.
Banco Santander served as the sole arranger of the facility, which is expected to be fully operational by the fourth quarter of 2025 (Q4 2025).
The financing marks a significant step in the company’s US project pipeline, which includes nearly 7GW of solar and battery energy storage system (BESS) projects.
The Jasper County solar plant has secured a long-term environmental attributes purchase agreement (EAPA) with Meta, ensuring a steady revenue stream upon completion.
The financing obtained is classified as ‘green’ under Zelestra’s Green Financing Framework, which has been validated by DNV with the support of BNP Paribas.
Zelestra US CFO Sybil Milo Cioffi said: “It is an important milestone to close this financing as we continue to deliver for our customers and grow our presence in the US. The backing from Banco Santander demonstrates confidence in our strategy and our team.
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By GlobalData“We are also delighted to have the EAPA agreed with Meta, one of six in total we have in partnership with them across the US. Jasper is leading the way in our delivery of major US projects, with over 1GW of fully contracted projects advancing towards construction over the next two years.”
Zelestra, backed by Swedish private equity firm EQT, specialises in the development, commercialisation, construction and operation of large-scale renewable energy projects.
It has portfolio of 29GW of carbon-free projects in 13 countries, of which 5GW is contracted with customers and in the operations, construction or pre-construction stage.
Last month, Zelestra expanded its portfolio through a firm and dispatchable renewable energy contract with Indian public sector entity Satluj Jal Vidyut Nigam for a 500MW hybrid project in Solapur, Maharashtra.
The Solapur project will combine 250MWdc of solar capacity, 180MW of wind power and a 90 megawatt-hour BESS.
