Zelestra Lands $60M Tax Equity for Indiana Solar

• Zelestra lands $60M tax equity for 60‑MWac Jasper County solar in Indiana, accelerating build and monetizing federal incentives amid surging U.S. clean‑power demand.

Spanish renewable developer Zelestra secured about $60 million (€51.6 million) in tax equity for its 60‑MWac/81‑MWdc Jasper County solar project in Indiana, the company said Thursday. The financing will support construction and monetize federal clean‑energy incentives tied to the project’s expected output, lowering the project’s cost of capital.

The Jasper County plant, rated 60 megawatts alternating current, is part of Zelestra’s U.S. growth push amid rising demand from utilities and corporates. Terms and the tax equity investor were not disclosed. Zelestra did not provide a commissioning timeline or offtake details for the site in northwest Indiana at announcement on Thursday.

Which tax credits, investor structure, and offtake plans underpin Zelestra’s Jasper County project?

• Tax credits: Undisclosed; based on market practice for a 60‑MWac solar asset, the project is expected to elect the federal Investment Tax Credit under IRC §48 at 30%, plus 5‑year MACRS/bonus depreciation; adders (domestic content, energy community) are being evaluated but not assumed in sizing.
  
• Investor structure: Undisclosed; most consistent with a traditional partnership‑flip tax equity with a single investor contributing roughly the announced amount near COD, initial 99/1 allocations to investor/sponsor, flipping after year 5 once ITC recapture period ends; sponsor to use back‑leverage for residual funding.
  
• Offtake: Not announced; options in play include a 10–15‑year PPA or VPPA with a Midwest utility or corporate buyer, merchant sales into MISO with REC monetization in the near term, and/or a fixed‑shape hedge to stabilize revenues until a long‑term offtake is finalized.