Zelestra, a renewable energy development company owned by Swedish private equity firm EQT, has closed a $113 million (€99.46 million) credit line. This funding will help pay for its new Jasper County solar generating facility in Indiana. The project is huge, with a nameplate capacity of 81 megawatts direct current (MWdc). It is a fundamental component of Zelestra’s plan to expand its footprint in the US renewable energy market.
Jasper County solar plant recently secured a long-term EAPA with Meta. This agreement ensures that a regular stream of revenue is deposited once the plant comes online. This agreement is a reflection of Zelestra’s commitment to strengthening alliances that drive advances in sustainable energy technology. Zelestra has an impressive track record of 29 gigawatts (GW) of carbon-free projects in 13 countries. The team’s strength lies in their expertise to develop, commercialize, construct and operate large-scale renewable energy projects.
Today, 5GW of Zelestra’s projects are contracted with end-customers and are in various stages of producing power, building or pre-construction. The company has a US project pipeline of nearly 7GW of solar and BESS projects. Together it forms an awe-inspiring portfolio that is already a clear indication of robust growth potential in the renewable sector.
Zelestra has rounded out its project portfolio with a new commission. Beyond the Indiana project, they’ve now found themselves working alongside India’s public sector power generating monolith, Satluj Jal Vidyut Nigam. This partnership includes the development of an ambitious 500MW hybrid project in Solapur, Maharashtra. It will utilize the burgeoning Solar Valley, Wind Ridge and Battery Belt.
Sybil Milo Cioffi, Zelestra’s US CFO, stressed how important the financing is for the company’s development. She highlighted its significance in growing Zelestra’s footprint into the US marketplace.
“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.” – Sybil Milo Cioffi, Zelestra US CFO
Cioffi sounded positively effusive about the EAPA partnership with Meta. Jeff described its importance as Zelestra gets ready to go in the US on some big projects.
“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.” – Sybil Milo Cioffi, Zelestra US CFO