Industrial Development Funding (IDF) and Oaktree have announced $1.7 billion in project investment as part of a broader commitment to support the deployment of Bloom Energy’s fuel-cell technology for the build-out of artificial intelligence (AI) cloud infrastructure. Once complete, the project will provide dedicated behind-the-meter power, helping Nebius meet demand for the compute capacity underpinning its AI cloud platform. Nebius selected 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 minority equity participation from Oaktree. Morgan Stanley served as sole tax-equity investor and placement agent for the tax-equity financing, and MUFG Bank provided the senior debt financing.
“By bringing together institutional capital and critical power infrastructure, IDF and Bloom are unlocking the next generation of energy solutions and are p
