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Independent power producer Zelestra has closed a US$350 million green credit facility for the 203MW Reclamation Solar project in Indiana, according to pv-tech. The Gibson County installation is being built on land previously used for coal mining and will serve a power purchase agreement with technology hyperscaler Meta.
The Reclamation Solar project is already under construction, with commercial operation expected to begin at the end of 2027. Financing for the project brings Zelestra’s total funds raised this year to US$1.14 billion, of which US$600 million covered two solar PV projects in Texas with a combined capacity of 440MW.
The credit facilities for the Indiana plant were provided by Canadian Imperial Bank of Commerce, BBVA and Societe Generale.
Zelestra has signed three similar agreements with Meta this year for solar PV energy in Texas, totalling 797MW of output, alongside deals covering facilities in Ohio and Jasper County, Indiana. Those three Texas agreements sit within seven existing US power purchase agreements between the two companies.
According to BloombergNEF, Meta was the largest purchaser of new clean energy offtake capacity worldwide in 2025, at 10.24 GW.
Indiana currently has 7.2GW of installed solar PV capacity. That figure is expected to grow by 13.4GW over the next five years, the fifth-highest growth among all states during that period.
Separately, Zelestra signed a hybrid solar-plus-storage power purchase agreement with Portuguese utility EDP this month covering two sites in Spain. The deal brings the total battery energy storage capacity agreed between the two companies in Spain to 1,022MWh, following a first-of-a-kind 170 MW/400MWh hybrid solar-plus-storage power purchase agreement signed in June 2025.
Sybil Milo Cioffi, Zelestra’s US CFO, described passing US$1 billion in US project financing this year as a milestone the company was pleased to share with its lenders and customers, adding that Reclamation is a major project expected to deliver benefits to the customer and the wider community, and that such partnerships allow the company to keep building at the pace the market needs.
Interactive table based on the Store Companies dataset for this report.
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