Industrial Development Funding and Oaktree are investing $1.7 billion in Bloom Energy fuel cell technology to power Nebi

Industrial Development Funding and Oaktree announced a $1.7 billion project investment to support the deployment of Bloom Energy's fuel cell technology for the build-out of AI cloud infrastructure. The project will provide dedicated behind-the-meter power to help Nebius meet demand for the compute capacity that underpins its AI cloud platform. Nebius chose Bloom for its speed to power, clean technology, and ability to support the performance and availability demands of AI workloads.

IDF is the lead developer of the Nebius project, with Oaktree holding minority equity participation. Morgan Stanley served as sole tax equity investor and placement agent for the tax equity financing, while MUFG Bank provided the senior debt financing.

Nik Nunes, Chief Executive Officer of IDF, stated, "By bringing together institutional capital and critical power infrastructure, IDF and Bloom are unlocking the next generation of energy solutions and are proud to help Nebius meet the energy demands of the AI economy." Austin Pearson, Oaktree Managing Director, added, "Oaktree is focused on investing in infrastructure assets delivering critical power to the digital space. This transaction reflects our confidence in Bloom's fuel cell technology and those relying on it."

Aman Joshi, Chief Commercial Officer of Bloom Energy, commented, "AI infrastructure customers need more than innovative technology. They also need a path to finance and deploy power rapidly. Our collaboration with IDF demonstrates how institutional capital can help accelerate the build-out of AI infrastructure." Jorge Iragorri, Co-Head of Infrastructure Capital Markets at Morgan Stanley, said, "Morgan Stanley is proud to partner with IDF, Bloom Energy and Nebius on this landmark behind-the-meter transaction delivering rapid power solutions to critical AI infrastructure."

Fred Zelaya, Managing Director of Project Finance at MUFG, remarked, "MUFG is pleased to support Nebius, IDF, and Bloom on this landmark transaction, which provides an innovative and efficient solution for data center power demand while meeting the needs of the local community."

The announcement reflects IDF's broader strategy to invest in clean energy, digital infrastructure, transportation, and industrial sectors through customized capital solutions. The transaction expands an existing collaboration between IDF and Bloom Energy that has enabled multiple transactions and a diversified portfolio of over $2.6 billion in Bloom Energy projects to date.