Financing Zelestra’s new solar energy portfolio in the US

As power-hungry AI applications drive a global surge in renewable energy demand, solar has emerged as the fastest growing source of renewable power.

Global renewable energy capacity is projected to more than double by 2030, with solar expected to account for roughly 80% of that increase over the next five years, followed by wind, hydro, bioenergy, and geothermal.

Due to its lower costs and faster deployment timelines, solar has become a major low-carbon power source for large technology companies, such as Meta, which continues to invest heavily in solar solutions.

As the AI build-out accelerates, Zelestra, an EQT-backed renewable energy company delivering power solutions for hyperscalers, has emerged as one of the leading providers of low-carbon energy to corporate customers in the US. The company is currently advancing a portfolio of roughly 15 GW of renewable energy projects across the country. 

Zelestra’s largest solar project in the US

Supporting this, Societe Generale, alongside HSBC, has led a USD 600m green project financing credit facility to support the development of Zelestra’s new 440 MW Texas solar portfolio, comprising two sites: Echols Grove (252 MW) and Cedar Range (187 MW). Both sites are currently under construction and scheduled for full commercial operation by the end of 2027. 
The deal marks Zelestra’s largest solar project in the US to date and is backed by long-term power purchase agreements (PPAs) with Meta. The site is part of a broader partnership between Zelestra and Meta, which includes PPAs across seven projects totalling 1.2 GW of low-carbon energy capacity.

Last year, Societe Generale also led a ~ USD510M debt financing for the 1000 Mile solar project in Texas, aimed at meeting the surging energy demands of Meta’s data centers. 
“The AI boom continues to place increasing strain on US energy grids, accelerating the need for renewable sources that can deliver fast, reliable and low-carbon power,” said Adolfo Villarreal, a banker who worked on the transaction from Societe Generale’s Energy + Group. 

Kim Hill, Energy + Group, who also worked on the deal, added, “We remain committed to expanding solar infrastructure in the US to help power sustainable digital innovation across the country and are proud to once again support Meta’s efforts to increase its use of renewable energy.”