Industrial Development Funding (IDF) and Oaktree have announced a $1.7bn investment to fund the deployment of Bloom Energy’s fuel-cell technology as part of Nebius’ AI cloud infrastructure development.
The project aims to provide behind-the-meter power, assisting Nebius in meeting the increasing demand for computing required by its AI platform.
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Nebius has chosen Bloom Energy’s fuel cell systems for their fast deployment, emissions profile, and ability to meet the performance needs of AI workloads.
IDF is acting as the principal developer, while Oaktree is taking a minority equity stake in the initiative.
IDF CEO Nik Nunes said: “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.”
Oaktree managing director Austin Pearson said: “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.”
Bloom Energy chief commercial officer Aman Joshi said: “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.”
The financing arrangement involves Morgan Stanley, which acted as the sole tax equity investor and placement agent. MUFG Bank contributed senior debt financing for the project.
Morgan Stanley Infrastructure Capital Markets co-head Jorge Iragorri 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.”
MUFG Project Finance managing director Fred Zelaya said: “MUFG is pleased to support Nebius, IDF and Bloom on this landmark transaction, which provides an innovative and efficient solution for data centre power demand while meeting the needs of the local community.”
According to IDF, the announcement is part of its broader strategy to invest in sectors such as clean energy, digital infrastructure, transport and industry with tailored capital solutions.
The deal builds on and expands IDF’s existing partnership with Bloom Energy, which has already generated a portfolio of more than $2.6bn in Bloom Energy projects.
