Independent power producer (IPP) Zelestra has closed a US$350 million green credit facility for the 203MW Reclamation Solar project in Indiana.
Being built on a site previously used for coal mining, the Gibson County solar installation will fulfil a power purchase agreement (PPA) with technology hyperscaler Meta.
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The Reclamation Solar project is already under construction and commercial operation is expected to begin at the end of 2027.
Zelestra has signed three similar agreements with Meta this year (of seven extant PPAs in the US between the two) for solar PV energy in Texas, totalling 797MW output, plus deals covering facilities in Ohio and Jasper County, Indiana. According to BloombergNEF, Meta was the largest purchaser of new clean energy offtake capacity worldwide in 2025 at 10.24 GW.
Financing for the Reclamation Solar project brings Zelestra’s total funds raised this year to US$1.14 billion, of which US$600 million was for two solar PV projects in Texas, totalling 440MW. The credit facilities for the 203MW solar PV plant in Indiana were provided by financial institutions, Canadian Imperial Bank of Commerce (CIBC), BBVA and Société Générale.
Sybil Milo Cioffi, Zelestra’s US CFO, said of the recent deal: “Passing $1 billion in US project financing this year is a milestone we are pleased to share with our lenders and our customers. Reclamation is a major project that will deliver many benefits to our customer, and to the wider community. […] These partnerships enable us to keep building at the pace this market needs.”
Indiana currently has 7.2GW of solar PV capacity installed, a figure expected to grow by 13.4GW over the next five years, the fifth-highest growth among all states during that period.
In related Zelestra news, the IPP signed a hybrid solar-plus-storage PPA with Portuguese utility EDP this month covering two sites in Spain. The deal brings the total BESS capacity in Spain agreed between the two to 1,022MWh, after the two companies signed a first-of-a-kind 170 MW/400MWh hybrid solar-plus-storage PPA in June 2025.
