Major financing closed for Indiana solar farm on reclaimed coal mining land
Zelestra has secured $350 million in green financing for a 203 MW solar project on reclaimed coal mining land in Indiana, backed by a long-term power purchase agreement with Meta. The financing represents part of the company's broader $1.14 billion in US project financing secured in 2026, with over 800 MW of new solar capacity moving into construction. The Reclamation Solar project is expected to begin operations by the end of 2027 and support approximately 200 jobs during peak construction.
Zelestra's Indiana project represents a convergence of land reclamation and renewable energy development. The 203 MW facility will operate on property previously disturbed by coal extraction, transforming an industrial legacy into clean power generation. Meta's commitment through a long-term power purchase agreement provides the revenue certainty needed to attract major international lenders including CIBC, BBVA, and Societe Generale.
The Indiana project is part of a coordinated expansion strategy. Zelestra simultaneously developed comparable solar installations across Texas, collectively adding over 800 megawatts to US capacity in 2026. This scale of deployment suggests growing corporate demand for renewable energy procurement among large technology companies, with financing structures increasingly standardized around long-term customer agreements.
The financing and construction activity could strengthen Indiana's rural economy through temporary employment and tax revenue during the project's development phase. Repurposing mined land for solar generation may demonstrate alternative economic pathways for coal-dependent communities, though long-term job creation from operations typically remains modest compared to construction phases. The project's reliance on corporate power agreements reflects how major technology firms are influencing energy infrastructure investment patterns across multiple states.