Zelestra Closes $350 Million on a 203 MW Indiana Solar Farm Already Sold to Meta, But Discloses No PPA Price

Zelestra closed $350 million in green financing credit facilities on October 7 for Reclamation Solar, a 203 MW project in Gibson County, Indiana. Canadian Imperial Bank of Commerce, BBVA and Societe Generale provided the facilities, with CIBC acting as left-lead arranger. A long-term power purchase agreement with Meta underpins the debt. The project stands on land reclaimed from former coal mining operations in southwest Indiana, and it is already under construction. Zelestra runs its US business from Arlington, Virginia, and expects the plant online by the end of 2027.

The close pushes Zelestra past $1 billion in US project financing this year. The company puts the 2026 total at $1.14 billion. It says that money is moving more than 800 MW of new solar into construction. Reclamation is expected to support roughly 200 jobs at peak construction.

Why It Matters

Lenders priced this deal against a signed hyperscaler offtake rather than a merchant forecast. That is the structure financing most new US solar aimed at data center load. The practical lesson for developers is narrow. A long-term PPA with a creditworthy technology buyer still clears a $350 million facility from three banks, at a time when interconnection delay is the dominant project risk. Reclamation also shows what reclaimed mine land does for a schedule. The site carries existing disturbance and a prior industrial use, which removes the land-use fight that has stalled greenfield projects across the Midwest.

What the Close Does Not Say

Zelestra named the lenders, the capacity and the offtaker. It did not name a price. The announcement gives no PPA rate and no contract term in years. It does not say whether Meta takes the energy, the renewable attributes or both. It also gives no interconnection status and no queue position, and that is the number deciding whether an end-of-2027 date holds. Zelestra stated a target of the end of 2027 without naming a month inside it. Acreage, module supplier and inverter supplier are all absent.

The Indiana Pattern

This is not the first Meta-backed Zelestra plant in the state. The company already operates Jasper County Solar in Indiana under a separate long-term PPA with the same buyer. Two projects in one state for one technology customer concentrates the revenue and the counterparty exposure together. Zelestra reports a 16 GW US development pipeline behind the 800 MW now in construction, so the distance between pipeline and financed capacity stays wide.

Sources

• Business Wire, October 7, 2026: Zelestra Passes $1 Billion in 2026 US Project Financing with $350 Million Close for 203 MW Reclamation Solar Project Backed by Meta
• pv magazine USA, October 7, 2026: Meta-backed solar project on reclaimed Indiana coal mine secures $350 million
• reNEWS, October 7, 2026: Zelestra closes $350m for Indiana solar
• ESG Today, October 7, 2026: Zelestra Secures $350 Million Green Financing to Build U.S. Solar Project Backed by Meta

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