Zelestra has closed $350 million in green financing credit facilities to construct Reclamation Solar, a 203 megawatt photovoltaic project in southwest Indiana built on land reclaimed from former coal mining operations. Meta has contracted for the output under a long-term power purchase agreement, according to the company.

Madrid-based Zelestra said the project will install approximately 325,000 bifacial modules and reach commercial operation by the end of 2027. The site redevelopment scope includes soil restoration, native vegetation growth and regional biodiversity enhancement alongside power generation.

The transaction is the latest in a series of U.S. project financings by Zelestra. Closing the credit facilities lifts the developer's U.S. project finance volume past $1 billion so far this year and confirms a 16 GW pipeline across U.S. markets.

Where does the circularity case sit?

The Reclamation Solar announcement contains no recycled-content or material-recovery specifications. The circularity argument sits in land use: a former coal footprint transitioning to a renewable generation site rather than remaining a stranded industrial parcel.

The listed biodiversity, soil restoration and native vegetation measures are operations commitments, not the material-flow benchmarks the recycling trade has come to expect from packaging or metals processors.

Bifacial module selection also carries a longer-term end-of-life consideration worth tracking. Zelestra has not disclosed decommissioning, panel-recovery or module-takeback provisions in the financing announcement.

How is the debt laid out?

CIBC, BBVA and Société Générale underwrote the credit facilities, with CIBC serving as left-lead arranger. Ines Serrao, head of U.S. project finance and infrastructure at CIBC, framed the transaction as a bank appetite signal:

"CIBC is pleased to have served as Left-Lead Arranger on the financing of Reclamation Solar and to support Zelestra on this important project. The transaction demonstrates our ability to deliver financing solutions for large-scale renewable energy projects and support growing power demand across the US."

CIBC's positioning on a $350 million renewable credit facility underscores continued bank demand for utility-scale solar paper, even as module-pricing volatility, tariff exposure and rate-base uncertainty have reset term sheets across the developer community.

What is the developer signaling on U.S. growth?

Zelestra's U.S. CFO Sybil Milo Cioffi linked the financing close to broader platform expansion:

"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."

The $1 billion year-to-date U.S. project finance volume and the 16 GW pipeline disclosure together point to faster capital turnover than Zelestra's prior U.S. cadence. The company has not yet released a U.S.-specific capital plan or offtake schedule that would let observers reconcile pipeline size with near-term closings.

What still gates the 2027 commissioning date?

Three milestones now sit between the credit close and commercial operation:

• Notice to proceed and EPC mobilization for the roughly 325,000-module installation
• Module delivery cadence against the end-2027 commissioning deadline
• Subsequent interconnection steps required to deliver the contracted Meta output to the grid

Whether Reclamation Solar's land-reuse template — former mining ground converted directly to utility-scale generation, financed by a syndicate of three international banks and backed by a hyperscaler offtaker — becomes a repeatable structure across the remainder of Zelestra's 16 GW U.S. pipeline will be the next market signal worth tracking. The Meta PPA's term, price-escalation and curtailment provisions have not been disclosed.