Zelestra secures $60mn tax equity financing for Jasper solar power plant

Zelestra has announced the closing of a tax equity financing deal worth approximately $60mn for its Jasper County solar project, with a capacity of 81 megawatts direct current (MWdc), located in the state of Indiana. The funding was provided by US-based Stonehenge Capital, a company specialising in tax-driven equity investments.

A project backed by Meta agreement

The project is part of a long-term collaboration between Zelestra and Meta, through an Environmental Attributes Purchase Agreement (EAPA). It is one of six joint ventures under development between the two companies across the United States. According to Zelestra, the facility is expected to enter commercial operations in the fourth quarter of 2025.

A two-phase financial structure

The announced tax equity financing follows an initial $113mn project financing secured with Banco Santander in April 2025. This two-step financial operation strengthens Zelestra’s position in the North American solar market, particularly in the Midwest region. The company is currently developing over 10 gigawatts (GW) of renewable energy projects, according to its headquarters based in Arlington, Virginia.

Industrial objectives and ongoing partnerships

Zelestra states it has a fully contracted 1 GW project pipeline under construction, with commissioning scheduled within the next two years. This development aims to meet growing energy demand from large-scale technology and industrial groups.