Zelestra Surpasses $1 Billion in US Project Financing with $350 Million Solar Deal
Zelestra, a global renewable energy company focused on delivering customer-oriented, multi-technology clean energy solutions, has closed $350 million in green financing credit facilities for its 203-megawatt (MW) Reclamation Solar project in Gibson County, Indiana. The financing represents another significant step in the company’s expansion across the United States and brings its total US project financing raised in 2026 to approximately $1.14 billion.
The milestone reflects Zelestra’s continued investment in utility-scale renewable energy infrastructure and its efforts to meet growing electricity demand from corporate customers. Through its financing activities this year, the company is advancing more than 800 MW of new solar capacity into construction for customers across the country. The Reclamation Solar project is among the developments supporting this expansion, combining renewable electricity generation with long-term commercial demand.
The $350 million credit facilities were provided by Canadian Imperial Bank of Commerce (CIBC), BBVA and Société Générale. The financing will support the development and construction of the Reclamation Solar project, which is backed by a long-term power purchase agreement (PPA) with Meta, the technology company. The project is scheduled to become operational by the end of 2027, adding new solar generation capacity to the US electricity market.
The agreement highlights the role of financial institutions in supporting large-scale renewable energy projects. Utility-scale solar developments typically require substantial capital investment, long-term planning and coordination among developers, lenders, equipment suppliers and electricity buyers. Financing arrangements such as the Reclamation facilities help developers advance projects toward completion while providing a structured approach to funding construction and development activities.
For Zelestra, securing the financing also strengthens its ability to deliver projects for customers seeking reliable supplies of renewable electricity. Long-term PPAs provide an important commercial foundation for these developments by establishing an agreement for the purchase of electricity over an extended period. In Reclamation’s case, the agreement with Meta supports the project’s development as companies continue to evaluate ways to address their electricity requirements and sustainability objectives.
The project is located on land in southwest Indiana that was reclaimed following former coal mining operations. Its name reflects the site’s history and the redevelopment of previously mined land for renewable energy generation. By locating a solar project on this property, Zelestra is bringing a former mining site into a new phase of energy production.
The Reclamation Solar development is already under construction and is expected to support approximately 200 jobs at the peak of construction. These employment opportunities will contribute to the workforce required to build the project, including activities associated with site preparation, equipment installation, electrical infrastructure and other construction work. The development is also expected to generate economic activity through the participation of contractors, suppliers and other businesses involved in delivering the project.
The use of reclaimed land for renewable energy development demonstrates one approach to expanding clean electricity infrastructure while making productive use of previously developed sites. Projects of this kind can require careful assessment of land conditions, construction requirements and infrastructure needs before development proceeds. Reclamation’s progress illustrates how renewable energy companies can work with suitable sites to advance additional generation capacity.
Sybil Milo Cioffi, Zelestra’s chief financial officer in the United States, described the company’s achievement of more than $1 billion in US project financing during 2026 as an important milestone for its customers and lending partners. She emphasized the significance of Reclamation Solar and the benefits the project is expected to deliver to its customer and the wider community.
Cioffi also recognized the participation of CIBC, BBVA and Société Générale in supporting the company’s development strategy. She said the partnerships help Zelestra continue building renewable energy projects at the pace required by the US market. Access to financing remains an important consideration as developers seek to move projects from development into construction and ultimately commercial operation.
CIBC also highlighted the importance of the transaction. Ines Serrao, Head of US Project Finance and Infrastructure at CIBC, said the bank was pleased to serve as left-lead arranger for the Reclamation Solar financing and support Zelestra on the project. She noted that the transaction demonstrates CIBC’s ability to provide financing solutions for large-scale renewable energy developments while supporting increasing power demand across the United States.
The involvement of major financial institutions reflects the importance of structured project financing in the renewable energy sector. Lenders evaluate project economics, contractual arrangements, construction plans and other commercial considerations when providing funding for infrastructure developments. For projects supported by long-term electricity purchase agreements, the relationship between the developer and its customer can be an important part of the overall financing structure.
Beyond Reclamation Solar, Zelestra is continuing to expand its US business through renewable energy and multi-technology solutions designed around the electricity requirements of hyperscalers and corporate customers. These organizations are placing increasing emphasis on securing sufficient power to support their operations, including digital infrastructure and other energy-intensive activities.
Headquartered in Arlington, Virginia, Zelestra is developing a US project pipeline of approximately 16 gigawatts (GW) across key markets. This pipeline provides a foundation for the company’s planned expansion and reflects its focus on developing energy infrastructure for commercial customers. Delivering projects from this pipeline will depend on factors including financing availability, customer agreements, permitting, construction schedules and market conditions.
The company’s latest financing milestone positions Reclamation Solar within a broader strategy to increase renewable electricity generation and meet demand from large commercial energy buyers. With $1.14 billion in US project financing raised during 2026, Zelestra is advancing its development program while working with lenders and customers to bring new solar capacity into operation.
As construction continues, Reclamation Solar is expected to contribute 203 MW of renewable energy capacity when completed. Its long-term agreement with Meta, support from three international financial institutions and redevelopment of a former coal mining site make the project a significant component of Zelestra’s US expansion. The company expects the facility to enter operation by the end of 2027, supporting its broader efforts to deliver large-scale renewable energy solutions across the American market.
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