Zelestra Raises $350 Million from CIBC, BBVA and SocGen for 203 MW Indiana Solar Project

A trio of international banks has committed capital to a solar development taking shape on former coal mining land in the American Midwest. Zelestra, the renewable energy developer headquartered in Arlington, Virginia, has closed USD 350 million in green project financing credit facilities for its 203 MW Reclamation Solar project in Gibson County, Indiana.

Lenders Back a Project Serving Meta's Power Needs

Canadian Imperial Bank of Commerce, BBVA and Societe Generale provided the facilities. CIBC acted as Left-Lead Arranger on the transaction. The project is underpinned by a long-term Power Purchase Agreement with Meta and is due to come online by the end of 2027.

Ines Serrao, Head of U.S. Project Finance & Infrastructure at CIBC, said the bank was pleased to have served as Left-Lead Arranger and to support Zelestra on the project. She noted that the transaction demonstrates CIBC's ability to deliver financing solutions for large-scale renewable energy projects and support growing power demand across the US.

A USD 1.14 Billion Year for the Developer in the United States

The Gibson County close pushes Zelestra past the USD 1 billion mark in project financing raised in the United States in 2026, with the total now standing at USD 1.14 billion. According to the company, this financing activity is putting more than 800 MW of new solar into construction for its customers across the country. Sybil Milo Cioffi, Zelestra's US CFO, said passing USD 1 billion in US project financing this year is a milestone the company is pleased to share with its lenders and customers.

She described Reclamation as a major project that will deliver benefits to its customers and the wider community and said the partnerships with CIBC, BBVA, and Societe Generale enable the company to keep building at the pace the market needs.

Solar on Reclaimed Coal Ground in Southwest Indiana

The project takes its name from the land beneath it. Reclamation is being built on a site reclaimed from former coal mining operations in southwest Indiana. Construction is already underway, and the project is expected to support approximately 200 jobs at peak construction.

A 16 GW Pipeline Behind a Growing US Platform

Zelestra describes itself as a global, multi-technology, customer-focused renewable energy company. Its US platform is being built around the energy needs of hyperscalers and corporate customers, and the company is developing a pipeline of approximately 16 GW across key US markets.

The Deals that Came Before Reclamation

The Indiana financing is the latest in a string of transactions by the company. In March 2026, Zelestra secured USD 600 million in green financing for a 440 MW Texas solar portfolio backed by Meta PPAs. Three months later, in July 2026, it secured USD 181 million in green financing to advance a 176 MW solar project in Texas. Earlier, in April 2025, the company closed USD 113 million in financing for the Jasper County Solar Plant, also in Indiana. In July 2025, Zelestra increased its Corporate Financing Facility to €770 million as its global multi-technology growth accelerated.